Question 1

When are contingency fees permissible in rendering tax services?

Accepted Answer

The answer of When are contingency fees permissible in rendering...

Question 2

What is the policy rationale underlying the United States' rules governing the payment of facilitation payments?

Accepted Answer

The answer of What is the policy rationale underlying the...

Question 3

What rule or rules in the AICPA Code of Conduct govern an accountant's responsibilities when the accountant is offered a bribe?

Accepted Answer

The answer of What rule or rules in the AICPA...

Question 4

Discuss the pros and cons of contingency fees from an accountant's standpoint.

Accepted Answer

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Question 5

Which of the following is not an "insider" for purposes of the insider trading rules?

Accepted Answer

Insider trading rules typically apply to individuals with access to non-public, material information about a company, such as officers, directors, and significant shareholders. Bondholders, like in option D, generally do not have the same access to insider information as equity holders.

Question 6

What are the different approaches that jurisdictions apply in regulating or punishing accountants who accept bribes in their capacities as employees of privately-held companies? How do you believe that this offense should be treated?

Accepted Answer

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Question 7

What rule in the IFAC Code of Conduct governs an accountant's responsibilities when the accountant is offered a bribe?

Accepted Answer

The answer of What rule in the IFAC Code of...

Question 8

When are contingency fees permissible in rendering management consulting services?

Accepted Answer

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Question 9

Under the insider trading rules,a staff accountant who manages the collection and recording of a publicly-traded company's Accounts Receivable is:

Accepted Answer

According to the insider trading rules, any person who possesses material, non-public information is prohibited from trading in the company's stock. Therefore, the staff accountant managing the collection and recording of Accounts Receivable should not trade in the company's stock if she possesses material, non-public information.

Question 10

The Assistant Controller of a publicly-traded company may buy company stock as long as:

Accepted Answer

The Assistant Controller can buy company stock as long as she does not possess non-public information, to avoid insider trading violations.

Question 11

Discuss the pros and cons of contingency fees from a client's standpoint.

Accepted Answer