In regard to ethics rules what are the jurisdictions of the a AICPA PEEC b SEC c PCAOB and d IFAC

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identify three of the many shared ethical standards among businesses that are incorporated in codes of ethics

PEEC, (b) SEC, (c) PCAOB, and (d) IFAC?2. Can audit managers on the audit engagement team, who are also attorneys admitted to the state bar, assist in the defense of a lawsuit against an audit client for product liability defects?3. What ethical responsibilities do members of the AICPA have for acts of nonmembers who are under their supervision (e.g., recent college graduates who are not yet CPAs)?4. What is the primary difference between commissions and referrals?

1. In regard to ethics rules, what are the jurisdictions of the (a) AICPA PEEC, (b) SEC, (c)PCAOB, and (d) IFAC? (a) makes and enforces rules of conduct for CPA’s that are members ofAICPA, non members also required to follow rules. (b) only covers public companies that arerequired to file financial statements that were audited by independent accountants. (c) setstandards for public accounting firms and ensure quality control, ethics, and independence. (d)sets guidelines for auditing multinational companies.2. Can audit managers on the audit engagement team, who are also attorneys admitted to thestate bar, assist in the defense of a lawsuit against an audit client for product liability defects?

Answer 1:-

a. AICPA PEEC

The PEEC is the AICPA committee that makes and enforce all rules of conduct for CPAs who are AICPA members, although those CPAs who are not members of AICPA are also required to adhere to the rules.

AICPA has two sections.The first section of AICPA code of professional conduct embodies principles to which CPAs should adhere. The second section contains enforceable rules.

The PEEC also publishes interpretation of the code of professional conduct which are the application of the rules to specific business situation.

b. SEC

The SECs jurisdiction covers only public companies that are required by federal securities laws to file financial statements audited by independent accountants. The SEC has federal authority to regulate the public accounting to protect the reliability and integrity of financial statements and to enhance investor confidence

c. PCAOB

The PCAOB is responsible to set standards for public accounting firm and to oversee quality control,ethics and independence issues for accounting professional who audit financial statements of public companies.All rule proposed by the PCAOB are required to be approved by SEC.

d. IFAC

IFAC promulgates guidelines for the audit of multinational companies.it is responsible for the code of ethics for professional accountant to govern the audit of multinational companies.