You are the chair of the Ethics Committee of your state’s CPA Licensing Commission. Interpret contro

You are the chair of the Ethics Committee of your state’s CPA Licensing Commission. Interpret controlling AICPA authority in addressing the following assertions by your membership.

a. When a CPA has reasonable grounds for not answering an applicable question on a client’s return, a brief explanation of the reason for the omission should not be provided, because it would flag the return for audit by the IRS.

b. If a CPA discovers during an IRS audit that the client has a material error on the return under examination, he should immediately withdraw from the engagement.

c. If the client tells you that she paid $500 for office supplies, but has lost the receipt, you should deduct an odd amount on her return (e.g., $499), because an even amount (i.e., $500) would indicate to the IRS that her deduction was based on an estimate.

d. If a CPA knows that the client has a material error on a prior year’s return, he should not, without the client’s consent, disclose the error to the IRS.

e. If a CPA’s client will not correct a material error on a prior year’s return, the CPA should not prepare the current year’s return for the client.

 

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