Ethics professional standards
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According to the ethical standards of the profession, which of the following acts generally is prohibited?
a. Accepting a contingent fee for representing a client in connection with obtaining a private letter ruling from the Internal Revenue Service.
b. Retaining client records after the client has demanded their return.
c. Revealing client tax returns to a prospective purchaser of the CPA's practice.
d. Issuing a modified report explaining the CPA's failure to follow a governmental regulatory agency's standards when conducting an attest service for a client.
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Answer:
Choice "b" is correct. Under Rule 501 of the Code of Conduct members may not commit any act that discredits the profession. Failure to return records to a client after the client makes demand is a specifically listed as an act that would discredit the profession.
Choice "a" is ...
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