American Institute of Certified Public Accountants (AICPA) Practice Exam

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What does the AICPA Code of Professional Conduct provide to clients and the public?

Confidentiality of financial data
Assurance of high professional standards
Protection against fraud
Guidance on tax issues

The correct answer is: Assurance of high professional standards

The AICPA Code of Professional Conduct is designed to uphold the integrity and professionalism of certified public accountants. By establishing a framework of ethical principles and standards, the Code assures clients and the public of high professional standards in the practices of CPAs. This includes adherence to integrity, objectivity, and independence, which help maintain trust in financial reporting and assurance services. While confidentiality of financial data is also an important aspect of the profession, the primary emphasis of the AICPA Code is on the ethical conduct and professionalism expected of CPAs, which enhances public confidence in the accounting profession as a whole. It does not specifically provide protection against fraud or guidance on tax issues, as those areas are more operational in nature and not the primary focus of the Code itself. The assurance of high professional standards encapsulates the overall mission of the AICPA, making it the correct choice in this context.