Question

Which statement best describes a significant similarity between the AICPA and IESBA codes?

Both codes incorporate the conceptual framework approach for evaluating threats when specific rules on a matter do not exist.

Both codes contain specific ethics and independence provisions related to public interest entities.

The codes combine the rules for members in business and public practice in one section.

The codes contain the exact same provisions for corporate accountants.

Answer 1

THE AICPA AND IESBA CODES ARE SIMILAR IN MANY PERSPECTIVES EXCEPT SOME SIGNIFICANT DIFFERENCES. APPLYING ANY OF TWO MAY GET SIMILAR RESULT. SOME DIFFERENCES ARE LIKE IESBA IS DIVIDED IN 3 PARTS BUT AICPA IS NOT DIVIDED IN ANY PARTS, DRAFTING CONVENTIONS ARE ALSO DIFFERENT IN BOTH CODES BUT SIMILARITY BETWEEN THESE CODE FROM ABOVE OPTIONS IS THAT BOTH CODES INCORPORATE THE CONCEPTUAL FRAMEWORK APPROACH FOR EVALUATING THREATS WHEN SPECIFIC RULES ON A MATTER DO NOT EXIST

HENCE OPTION A IS CORRECT

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