A CPA can accept a gift from a client as long as: Group of answer choices Adequate internal controls exist in the client entity to ensure gifts are made without any pre-conditions Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule The amount is below what is considered to be a material payment Audit services are not provided to the client

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22-07-2022
Business

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A CPA can accept a gift from a client as long as: Group of answer choices Adequate internal controls exist in the client entity to ensure gifts are made without any pre-conditions Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule The amount is below what is considered to be a material payment Audit services are not provided to the client

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Parrain Parrain · Answer 1 · 2022-08-01T17:37:16+02:00

In order for a CPA to accept a gift from a client, Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule

When can a CPA take a gift from a client?

A Certified Public Accountant (CPA) is someone who has to abide by the highest ethics in the accounting profession so as to protect the integrity of financial statements and the accounting profession in general.

A CPA can therefore not be seen to be influenced by their client in a way that brings bias such that financial statements cannot be trusted. One way this can happen is if the CPA accepts a gift from the client.

To avoid this, the gift accepted must be in line with integrity and objectivity rules that ensure that the independence of the Certified Public Accountant (CPA) is protected.

In conclusion, a Certified Public Accountant (CPA) can accept a gift if Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule

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