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  3. a- true or false: (20 pts.) se 1-the aicpa is the

A- True or False: (20 pts.) se 1-The AICPA is the only organization that a...

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Accounting

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A- True or False: (20 pts.) se 1-The AICPA is the only organization that a CPA must answer to involving ethical conduct. 2-Professional Ethics extend beyond moral principles but not above the letter of the law. e 3-Under rule 203, Accounting Principles, the FASB and GASB have been designated as the promulgating bodies for accounting Principles 4-An auditor may not divulge confidential information concerning a client, even if Subpoenaed (citado) to do so in court. 5- Under Rule 101 -Independence, an auditor may not have any direct or indirect financial Interest in a client. 6- The AICPA Code of Professional Conduct consists of two sections: principles and rules. 7- Under common law, auditors may be held liable to clients for breach of contract but not for torts (agravios). 8- Under common law, the auditor is liable for fraud to all third parties who have been damaged and who relied on the audited statements. 9- Ordinary negligence is the failure to use even a slight care in the circumstances. 10- The SEC defines "material" to be anything more than 5% of net income

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