Which of the following scenarios is false regarding the applicability of the SSPFPS No.1:
A)Only when a member represents to clients that the member provides PFP services.
B)When a member engages in activities that require registration as an investment adviser under federal or state law.
C)When a member includes the CPA/PFS designation on their website.
D)When a member sells a product as a result of an engagement.

Question

Quizplus · Accepted Answer

The SSPFPS No.1 applies to all members of the AICPA who provide PFP services regardless of whether they represent to clients that they do so. This means that even if a member does not explicitly hold themselves out as providing PFP services, if they engage in any activities that fall under the definition of PFP services, then the SSPFPS No.1 applies. Choices B, C, and D are all accurate scenarios in which the SSPFPS No.1 would apply.

Which of the Following Scenarios Is False Regarding the Applicability