Final answer:
According to Conduct Rule 201, a member of the AICPA must comply with audit standards issued by designated bodies.
Step-by-step explanation:
The statement in the question is true.
According to Conduct Rule 201, General Standards, a member of the AICPA (American Institute of Certified Public Accountants) who performs an audit must comply with standards issued by bodies designated by the AICPA Council. These standards include the Generally Accepted Auditing Standards (GAAS) and the International Standards on Auditing (ISA).
So, a member of the AICPA who performs an audit is required to follow the standards established by the AICPA and other designated bodies in order to maintain professional competence and ensure the integrity of the audit process.