Can you identify and describe each of the four parts to the AICPA’s Code of Professional Conduct? Also, which parts are officially enforceable and which are not? Are the following scenarios in violation of the AICPA code of professional ethics? A. The company being audited gives the lead auditor 2 tickets to a basketball game worth $60 each (they are great seats)! B. The auditor owns stock that the company being audited has invested its IRA in; the interest is immaterial to the auditor. what are the four defenses a CPA firm can normally use when facing legal claims by clients? Which of these defenses is ordinarily not available against third-party suits? when it comes to actual liability for fraud, what are your thoughts in regards to the subjectivity involved? How can we really determine whether the auditors should have detected specific wrong-doing with their standard procedures and testing? How does the prudent person concept affect the liability of auditors?
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