The following questions relate to the AICPA Code of Professional Conduct, which can be viewed online or downloaded in pdf format at www.aicpa.org:
a. When should a member apply the conceptual framework for members in public
practice? Which rule or rules have their own conceptual framework?
b. Covered members are not allowed to have a direct financial interest in a client. What
should covered members do if they become aware they are to receive an unsolicited
financial interest in an attest client as a result of a bequest? Be sure to note where you
can find the applicable guidance in the Code.
Required
Required
Research
117Chapter 4 / PROFESSIONAL ETHICS
c. The Accounting Principles Rule indicates that members can justify a departure from
generally accepted accounting principles only in unusual circumstances. What are
examples of unusual circumstances discussed in the Code?
d. The AICPA provides for a number of specialist designations. How should a member
use the designation? When may a firm include a specialty designation on firm letter-
head? Where would you find the applicable guidance in the Code?
