This could further lead to resentment and eventually to resignations. To eliminate this problem, John Smith could firstly discuss the issue with the professionals involved and request ideas for the firm's new title. He could also use the previous title as a guideline, as this would provide both a starting point for the new era, as well as the idea that the previous owner and the staff that remains are honored for their contributions to date. According to Rule 505-3 of the AICPA Code of Ethics, it appears that the exact title of the firm is not as important as maintaining practices that are within the public interest. It is both in the firm's and the public interest to remain as close as possible to the previous name, while at the same time indicating that it is now under new management.

NO. 7 the CPA can avoid possible disciplinary action...
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