Final answer:
A CPA in public practice may indeed accept referral fees if they are disclosed, adhering to AICPA ethical standards and ensuring transparency with clients.
Step-by-step explanation:
The question pertains to whether a CPA (Certified Public Accountant) in public practice may accept referral fees with disclosure. The answer is true. According to the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, CPAs may accept referral fees for recommending a product or service, as long as the arrangement is disclosed to the client. The disclosure is critical to maintaining transparency and adhering to professional ethical standards. It ensures that clients are aware of any financial relationships that might influence the CPA's recommendations.