American Institute of Certified Public Accountants (AICPA) Practice Exam

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Who does not need to comply with the AICPA's Independence Rules?

Any CPA engaged in public practice.
A member of the AICPA not in public practice.
Only those working in corporate accounting roles.
All CPAs must comply, regardless of practice area.

The correct answer is: A member of the AICPA not in public practice.

A member of the AICPA who is not engaged in public practice is not required to comply with the AICPA's Independence Rules. These rules are specifically designed to ensure that CPAs maintain objectivity and independence when providing auditing and consulting services to clients, which is critical for preserving the integrity of the profession and the trust of the public. When a CPA is in public practice, they are involved in services that typically require a heightened sense of independence from their clients to avoid conflicts of interest. Conversely, members not in public practice, such as those working in industry or corporate accounting roles, do not provide these types of services to external clients and therefore are not held to the same independence standards. This distinction is important, as it allows CPAs in various roles to operate without the constraints imposed by independence rules, as long as their work does not pose a conflict of interest in relation to public practice.