A CPA's Retention of Client Records as a Means of Enforcing

question 65

Multiple Choice

A CPA's retention of client records as a means of enforcing payment of an overdue audit fee is an action that is:

• A)Considered acceptable by the AICPA Code of Professional Conduct.
• B)Ill advised since it would impair the CPA's independence with respect to the client.
• C)Considered discreditable to the profession.
• D)A violation of generally accepted auditing standards.

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Definitions:

Fundamental Levels

The basic, foundational tiers or stages of a structure or concept.

Tangible Factors

Concrete, measurable elements that can influence outcomes in various situations, such as physical resources or financial assets.

Intangible Factors

Intangible factors are aspects that cannot be physically touched or quantified easily, but significantly impact decision-making processes, perceptions, or value assessments.

Cross-border Negotiations

The process of negotiating agreements across national boundaries, involving parties from different countries.