Instructions: Answer the following in complete sentences using the AICPA’s revised Code of Conduct, providing the ET references for each of your responses. For questions with multiple parts, include multiple ET references as appropriate. 1. Scan Part 3 of the Code. To whom is this section applicable, and what is the primary focus of this section?2. List three examples of individuals who are considered “covered members” in the Code’s definitions section. 3. Provide the Code reference to the rule that governs “acts discreditable” for “members in public practice.” 4. Jenny is a volunteer Board member for the animal shelter. Which part of the Code should she apply in performing these volunteer duties?Auditing Standards (and Related Topics) Exercises5. Consider AICPA guidance. What are three risk assessment procedures an auditor should undertake in order to assess an entity’s risks of material misstatement in an audit?6. Consider AICPA guidance. What steps should an auditor take if an auditor is unable to continue an engagement due to the discovery of fraud? 7. Go to the PCAOB’s website and list one proposed audit standard named on the site. Where did you navigate within the site to find this? 8. Locate a PCAOB Staff Audit Practice Alert. Briefly, summarize the main issue addressed in this particular alert. Next, describe the role you think these alerts play in establishing auditing requirements for registered public accounting firms. 9. Under “Inspections” on the PCAOB’s website, locate the link to Firm Inspection Reports. Review a firm inspec-tion report and describe some of the findings (or deficiencies) cited by the PCAOB. In particular, look for firm inspection reports that say: “QC criticisms are now public.MORE QUESTIONS :10. Auditing Presto You are performing the year-end audit of Presto’s first financial statements reflecting ASC 842 (Leases). Your first challenge is to evaluate the completeness of Presto’s lease adoption population assessment, to determine whether all material leases were identified and appropriately capitalized. Describe the audit procedures you intend to follow, and cite sources that you found useful in researching this issue11. Spirit of Giving It’s holiday time, and SpiceCo., a nonpublic company and your audit client of five years, has invited you and a guest to attend the company’s holiday party. The party is a black-tie event complete with cocktails, fine foods, and a live band. Should you attend?Now reverse the situation—your audit firm is holding the party, and you are considering extending an invitation to Ms. James, the Controller at SpiceCo., and her husband Mr. James. Should you invite her?12. You Create the Ethics CaseRequired: Create a hypothetical ethics case (situation), then describe the guidance that applies to this issue. The simplest way to complete this assignment is by “backing into” a case idea by looking up guidance in the AICPA’s revised Code of Conduct then inventing a hypothetical situation based on this guidance.However, you can be creative in how you come up with case ideas. For example, you can generate ideas using news stories, AICPA disciplinary actions, your own experiences, and so on.After describing a hypothetical ethics situation, locate ethics guidance that addresses this issue. Limit your search for guidance to the AICPA’s revised Code of Conduct. Document your case and guidance as follows: Situation: Applicable Guidance (and how it would apply to this issue): Inspiration for this case idea (how did you come up with this case idea?):13.  Pay Up. Collins & Harper, LLC has completed its audit procedures related to December 31, 20X1 year-end of PharmEx, Inc. However, per the terms of its engagement letter with PharmEx, fees are due and payable to Collins & Harper before the audit report will be issued to the client. PharmEx has not yet remitted payment for the audit col lins & Harper has refused to release its audit report until fees are paid. Is this refusal by Collins & Harper appropriate under the Code of Conduct? What defined term would the applicable Code section use to describe the audit report, in this circumstance14. Potholes All along the sides of Route 10, residents displayed signs saying: “County Executive: Fix this Road!” Wanting to minimize the negative publicity associated with this sign campaign, the County Executive authorized a $1.8 million investment in upgrades to the road. How should the county account for these upgrades? Is the cost capital or expense? What other information may be required to evaluate this issue?15. Planning a Performance Audit You have been assigned to a performance audit of a local government, focused on compliance with requirements for state grant funds. Assume that you are just beginning to plan your audit. Con-sidering guidance in the GAO’s Yellow Book, summarize some of the most important steps you should take in this Planning phase of your audit16. Federal Financial Statements Locate the most recent audited financial statements of a CFO Act agency (that is, an individual federal reporting entity). Determine who audited the agency. What, if any, audit findings were named? What internal control findings, if any, were described? What other commentary did you identify, in the auditor’s report, which was notable to you

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