American Institute of Certified Public Accountants (AICPA) Practice Exam

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Under the Due Care Principle, members should observe what type of standards?

Technical and ethical standards
Personal and subjective standards
Standards established by clients
General business standards

The correct answer is: Technical and ethical standards

The Due Care Principle emphasizes the importance of practitioners performing their professional responsibilities with competence and diligence. Under this principle, members are expected to adhere to technical and ethical standards that govern their profession. These standards ensure that practitioners maintain a high level of quality and integrity in their work, providing reliable services to clients and the public. Technical standards involve the knowledge and skills necessary to perform tasks effectively, which includes understanding and applying accounting principles, auditing standards, and other relevant regulations. Ethical standards encompass the professional conduct expected from members, ensuring that they act with honesty, integrity, and objectivity in all professional dealings. Choosing technical and ethical standards reflects the commitment to uphold the profession’s reputation and maintain public trust. It acknowledges that members have a responsibility not only to their clients but also to the public, requiring them to act in a manner that reflects positively on the profession as a whole.