For each of the following five cases in the Case Study, write four or five comprehensive paragraphs (formatted with the following subtitles) describing the following for each situation: Issue - briefly state the issue from the situation. Rule - research and identify the applicable administrative law or code section number and title. 

Analysis - apply the law or code to the issue analyzing whether or not there was a violation of the law or code 

Conclusion - conclude your analysis with how the situation could be corrected. Include any potential penalties that might be applicable Professional Responsibilities of CPAs Case Study Analysis Situations: (IRAC analysis worth 8 points for each situation) 

1) JaneD.recentlystartedherownCPAconsultingpracticeafterworkingseveralyearsin public accounting. Jane's practice included a sign on the front of the office that read "Jane Doe, CPA" and her business cards indicated the same title. Jane has been very busy lately and did not complete her continuing education requirements for the current reporting period. Identify the issue(s) that Jane is potentially facing due to this situation. 

2) JohnS.was having trouble earning a living from his CPA tax practice. John decided to advertise his tax preparation service with a new tagline that stated "Our clients receive the highest tax refunds around town." The advertisement showed a couple jumping up in the air in celebration with one of the individuals talking about buying a new car. Identify the issue(s) that John is potentially facing due to this situation. 

3) RobynA.hasbeenoperatingataxpracticeformanyyears.In fact, her practice is so successful that she has decided to refer certain clients to a fellow CPA (Tom S.) whose practice is having trouble attracting clients. Robyn has made the referrals condition on her earning a 25% commission on the total fees charged by Tom S. for these referred clients. Tom, eager for new revenue, has agreed to this deal. Identify the issue(s) that Robyn and/or Tom are potentially facing due to this situation. 

4) RobertO.hasalucrativeCPAtaxpreparationpractice.Robert has decided that this is successful in identifying tax loopholes for his clients and that they are earning higher tax refunds than if the client went elsewhere. Robert decided to offer his tax preparation service on a contingency basis to his clients. He will charge them a flat 35% contingency fee for every dollar the client receives from the IRS. Identify the issue(s) that Robert is potentially facing due to this situation.

5) JamesC., CPA has conducted the audits for a private medium-sized company owned by a friend of his(GeorgeW.). George has been having trouble meeting the contract requirements of a loan from a local bank. The bank has filed suit against George for potentially falsifying records submitted to the bank per the loan contract. As part of the lawsuit, the bank has subpoenaed the work papers of the audit handled by James. Identify the issue(s) that James is potentially facing due to this situation.

Answer rating: 100% (QA)

1 JaneDrecentlystartedherownCPAconsultingpracticeafterworkingseveralyearsin public accounting Janes practice included a sign on the front of the office that read Jane Doe CPA and her business cards in... View the full answer