Chapter 9 Audit and Professional Services Research 2 Figure Identify Threats The Conceptual Framework Approach Threats Identify No Threats not Threats. Existing New Threats not at Level... Evaluate Safeguards STOP Threats at Proceed Source: Ellen Goria, "Revised AICPA Code of Ethics...What's the Fuss?" AICPA Journal of Accounsancy, Feb. 1 2014. o 2015, American Institute of CPAs. Used by permission. Now YOU Try 9.13 1. In your own words, explain the four steps in the conceptual framework approach. In what circumstances should a researcher apply one of the Code's three conceptual frame- works? 2. Each of the Code's three conceptual frameworks provides examples of potential threats to com- pliance with the Code, and safeguards that could reduce the risk of these threats. Let's consider now what is meant by the terms threats and safeguards Threats The Preface defines threats as follows