Solved by verified expert:Professionals’ LiabilityIntroductionFor this assignment, you will consider the potential professional liability CPAs are exposed to, if engaging in unethical practice.By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assignment criteria:Competency 3: Identify the legal liability and duties imposed on CPAs by federal securities laws and state common law.Explain the ethical standards of practice that CPAs are expected to follow.Determine whether an instance of professional practice violates standards of professional ethics.Competency 4: Develop legal research skills to find statutes, regulations, and cases.Conduct legal research, using appropriate research tools and databases.Apply the relevant standards of the AICPA Code of Professional Conduct to ethical decision-making.Competency 6: Communicate professionally, according to the expectations of the field of accounting.Express main points, arguments, concepts, and information coherently and logically.Assignment InstructionsAnalyze Business Case 47-5, “Professional’s Liability,” located on page 930 of your textbook. Prepare a professional-caliber brief on the case, based on the case information provided.To support your brief:Locate the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct.Explain the ethical standards CPAs are expected to follow, and cite relevant sections of the code.Based on the case information provided:State the facts of the case and the key issues.Determine whether professional practice in this instance violates standards of professional ethics, and, if so, whether the CPA may be liable. Explain your reasoning.Apply the relevant standards of AICPA Code of Professional Conduct in your decision, and explain your rationale.Cite the relevant sections of the code, as well as the URL.Express your main points, arguments, concepts, and information coherently and logically.Additional RequirementsCover page: Include your name, the assignment number, and the assignment or case title.Length: 1–2 double-spaced pages, not including the cover page.Font and font size: Times New Roman, 12-point.APA formatting: Format resources and citations according to current APA guidelines.Resources
