Q:

A violation of the profession's ethical standards is least likely to occur when a CPA :

Ibrahimhamm
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2022-07-05
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A violation of the profession's ethical standards is least likely to occur when a CPA :

  1. Purchases another CPA\'s accounting practices and bases the price on a percentage of the fees accruing from clients over the three-year period.
  2. Receives a percentage of the amounts invested by the CPA\'s audit clients in a tax shelter with the clients\' knowledge and approval.
  3. Receives a percentage of the amounts invested by the CPA\'s audit clients in a tax shelter with the clients\' knowledge and approval.
  4. Forms an association - not a legally binding partnership - with two other sole practitioners and calls the association \"Adams, Betts & Associates.\"
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Ibrahimhamm
2022-07-05
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A. Purchases another CPA's accounting practices and bases the price on a percentage of the fees accruing from clients over the three-year period.

Explanation: Anticipated future fees are a legitimate way to value a service company and this arrangement does not violate any rules under the AICPA Code of Professional Conduct.

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