Lesson: AICPA Code of Professional Conduct Practice Questions

In this lesson, practice is provided on the AICPA Code of Professional Conduct through multiple-choice questions. Nick Palazzolo goes through four different scenarios for a CPA practitioner being asked to join a local bank's board of directors and explores how each scenario may or may not impair independence according to the code. Additionally, Nick provides an in-depth explanation on how to handle an unexpected inheritance involving shares of an audit client's common stock, navigating the potential independence and conflict-of-interest issues. He highlights the importance of understanding the rules, guidelines, and best practices to avoid violating the independence rules.