Assume you complete tax returns for clients. You were engaged to file the 2013 individual and corporate tax returns for a client. The client provided her records and other tax information to you on February 1, 2014, to help prepare the 2013 tax return. Your client had paid you $12,000 to prepare those returns. On April 1, 2014, after repeated requests by the client to return her records, you informed the client that her tax returns for 2013 were soon to be completed. However, you did not complete the returns by April 15. Consequently, your client paid another accountant $6,000 to complete the returns after the deadline. Your failure to complete the 2013 individual and corporate tax returns for the client caused her to incur substantial federal and state tax penalties. In retrospect, do you believe you violated any of the rules of conduct in the AICPA Code? Explain which rules were violated and why. If you do not believe any rules were violated, explain your reasons for reaching this conclusion.
Answer to relevant QuestionsIn the fall of 2012, KPMG’s Columbus, Ohio office was auditing Jobs Ohio’s books while, at the same time, an out-of-state office of the firm was seeking $1 million in taxpayer money from Jobs Ohio for unnamed client. As ...Can a CPA be independent without being objective? Why or why not? Can a CPA be objective without being independent? Why or why not? Does your answer matter assuming you only provide only non auditing services to the client? ...On January 16, 2008, the SEC charged two former employees of PricewaterhouseCoopers LLP with insider trading. According to the SEC’s complaint, Gregory B. Raben, a former PwC auditor, and William Patrick Borchard, a former ...1. If you were Yimei, what ethical concerns would exist for you upon discovering the three accounts? What is the first thing you would do upon discovering the three accounts?2. Assume that FO provides invoices to justify ...Give one example each of when an auditor might render an unmodified opinion and include an emphasis-of-matter paragraph and other-matter paragraph. What is the value of such paragraphs in the audit report?
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