Question

Which statement best describes competence as defined in the AICPA Code of Professional Conduct? Infallible judgment that cannot subsequently be called into question. The application of skill and knowledge with reasonable care and diligence. Possessing an advanced college degree in the relevant subject matter. Rigid adherence to the professional standards of engagement performance.

Answer 1

Answer:

The application of skill and knowledge with reasonable care and diligence

Explanation:

Competence is a part of Article IV- Due Care under the AICPA code of professional conduct. Competence is necessary to render the professional service without calling into question. It represents the application and maintenance of perceiving experience that supports a professional member to render a service with extreme knowledge, facility, and professionalism. Therefore, the answer choice B is the correct option.

Answer 2

Rigid adherence to the professional standards of engagement performance.

Further explanation

The code of professional conduct can be said to be a general guideline that binds and regulates each member and as a binder for a member to act. A code of professional behavior is needed to maintain public trust in the quality of services provided by the profession. The code of professional conduct consists of principles, ethical regulations, interpretation of ethical rules and ethical principles.

The American Institute of Certified Public Accountants (AICPA) is the most influential public accounting firm in the world of auditing and is located in America.

Membership in the AICPA is limited to public accountants and currently has more than 330,000 members, but not all members practice independent auditors. Most of the AICPA members have worked as public accountants, who then worked in government agencies, industry, and education. AICPA membership is voluntary and is not required for all public accountants.

The following are some of the authorities of AICPA:

• Auditing Standards or as the Auditing Standards Board which is responsible for issuing statements relating to auditing matters.
• Compilation Standards and Review Standards (Accounting and Review Services Committee) whose task is to publish statements about the responsibilities of public accountants when public accountants are involved with reports from unaudited private-public companies, usually known as Statements On Standards for Accounting and Review Services ( SSARS).

There are 2 types of statements covered in SAARS:

• Situation where an accountant helps a client in preparing financial statements and does not provide the slightest reliability of the financial statements (Compilation Services).
• Situations where accountants conduct a number of interviews and analytical procedures that can provide the basis for providing a limited level of reliability where no material modifications need to be made for the report.

Learn More

AICPA Professional Code of Conduct brainly.com/question/13662349

accountants code of ethics brainly.com/question/13662349

Details

Class: College

Subject: Business

Keywords: AICPA, professional, conduct