ACCT 4553- Ethical Issues in Accounting Final Exam Review
Spring 2018
Key Topics to review for the Final Exam:
How to Study: Review all 13 of the
... [Show More] AICPA Ethics Lesson Slides that we went over in class that are posted to the “content” section of our online classroom. I will primarily be using multiple choice questions directly from the AICPA that are very similar to what you may see in the future for the ethics portion of the CPA exam. Focus on understanding the topics listed below to identify the key concepts that you will actually be tested over (you don’t need to memorize all of the slides!). Going back through and understanding the multiple-choice questions we did as a class in each lesson is definitely worth your while. Remember, you need to bring a green scantron to our final exam on March 7th.
Points Breakdown: The exam will be 50 multiple choice questions at 4points/question and 2 short answer at 10 points/each for 220 points total (20% of your final grade). See below for the number of multiple choice questions over each lesson and the key concepts to study:
AICPA Lesson #1 - Overview of the AICPA Code of Conduct- 3Qs
• What are the 10 steps in the ethical decision making model?
o Step One: Recognize the Ethical Issue
o Step Two: Gather the Critical Facts
o Step Three: Identify the Stakeholders
o Step Four: Consider Alternatives
o Step Five: Consider the Effect on Stakeholders
o Step Six: Consider Your Comfort Level
o Step Seven: Consider Rules, Regulations, and Laws
o Step Eight: Make a Decision
o Step Nine: Document your Efforts
o Step Ten: Evaluate the Outcome
• What does recognizing a potential ethical issue look like?
• What does considering your comfort level look like?
• What is the difference between the AICPA, SEC, PCAOB, and your State Board of Public Accountancy?
o Professional Organizations
▪ The AICPA is the national professional organization for CPAs
• They provide resources and information to members and coordinate activities with state CPA societies
o Federal Governmental Entities
▪ The SEC Empowered by Congress to regulate financial reporting by publicly-held companies
• They also establish and enforce rules on accounting and
auditing. This includes enforcing rules on auditor independence
▪ PCAOB, created by passage of SOX in 2002, Overseen by the SEC
• They establish rules with respect to auditing and other attestation engagements, quality control of audits, and independence of public company auditors
o State Governmental Entities [Show Less]