AUDITING+ASSURANCE 12MONTH ACCESS CARD
17th Edition
ISBN: 9780135635131
Author: ARENS
Publisher: WILEY
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Question
Chapter 5, Problem 4RQ
To determine
Explain the reason for which many CPA firms willingly settle lawsuits out of court and state the implications to the profession.
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Students have asked these similar questions
Who can sue the auditor? how they can sue the auditor. Explain.
Why is it important for a CPA to promote professional services in an ethical manner? Do you believe it would be ethical for a CPA to advertise professional services using testimonials and endorsements? Why or why not?
What is an accountant’s duty of care? What is GAAP and GAAS?
Discussion Topic Two:
Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a reference
Chapter 5 Solutions
AUDITING+ASSURANCE 12MONTH ACCESS CARD
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Prob. 10RQ
Ch. 5 - What potential sanctions does the SEC have against...Ch. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14.1MCQCh. 5 - Prob. 14.2MCQCh. 5 - Prob. 14.3MCQCh. 5 - Prob. 15.1MCQCh. 5 - Prob. 15.2MCQCh. 5 - Prob. 15.3MCQCh. 5 - Prob. 16.1MCQCh. 5 - Prob. 16.2MCQCh. 5 - Prob. 16.3MCQCh. 5 - Prob. 17DQPCh. 5 - Prob. 18DQPCh. 5 - Prob. 19DQPCh. 5 - Prob. 20DQPCh. 5 - Prob. 21DQPCh. 5 - Prob. 22DQPCh. 5 - Prob. 23DQPCh. 5 - Prob. 24DQPCh. 5 - Prob. 27DQPCh. 5 - Prob. 28C
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- To what degree do you think individuals have a responsibility to act ethically within a corrupt system? How would an individual act ethically in this context? Please answer thoroughly and in depth. What legal reforms would you recommend that would make lobbyists more likely to act ethically? Why would you recommend these reforms and how might you implement them? Please answer thoroughly and in depth.arrow_forwardHow does an accounting professional's commitment to the firm, the profession, and to colleagues influence whether he/she will blow the whistle on financial wrongdoing? What other factors, related to organizational culture, could contribute to whether or not a professional decides to blow the whistle on a financial wrongdoing?arrow_forwardGive an explanation of the legal foundation for suing a CPA. What defenses does the auditor have to counter such accusations? What is the relationship between these defenses and adherence to the accounting profession's ethical standards?arrow_forward
- What are the most challenging and rewarding aspects of acounting profession?• What is the training, education, or skills required to excel in acounting profession? Any conflicts between personal goals and your professional practice?arrow_forward2. Summarize your thoughts on the Zeff articles. (1-2 paragraphs). Do you regard the CPA profession as an ethical profession? How can the CPA profession restore it's reputation?arrow_forwardHow do corporate governance ethics programs help avoid legal problems for corporations?arrow_forward
- When it comes to cases involving compilation and review services, what extra defenses are available to accountants?arrow_forwardPlease Solve in 20minsarrow_forwardWhat ethical responsibilities do members of the AICPA have for acts of nonmembers who are under their supervision (e.g., recent college graduates who are not yet CPAs)?arrow_forward
- Do you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If not, why would you not take the information outside the company?arrow_forwardGiven what you have learned about independence, do you believe that there would be a perceivedindependence problem concerning members of an audit engagement team entertaining employment offers from audit clients? Why or why not?arrow_forwardhow does being unethical in the financial industry affect communication with clients?arrow_forward
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