Section 300 - "Responsibilities to Clients" of the AICPA Code of Professional Conduct includes Rule 302 which prohibits
A)an accountant from preparing tax returns for a contingent fee
B)an accountant from performing actuarial for a contingent fee
C)an accountant from preparing fairness opinions for a contingent fee
D)an accountant from performing valuation services for a contingent fee

Question

Quizplus · Accepted Answer

Rule 302 of Section 300 of the AICPA Code of Professional Conduct prohibits an accountant from preparing tax returns for a contingent fee, which is an amount of compensation that is dependent on the findings or results of the professional services rendered. This is because providing tax services for a contingent fee creates a self-interest threat to the accountant's objectivity and professional skepticism, potentially compromising the integrity of their work. The other options, actuarial services, fairness opinions, and valuation services, are not specifically prohibited under Rule 302.