Question 1. Why does the accounting profession need governing bodies? Which accounting governing body is the most important and why?
Question 2. There are various governing bodies involved in accounting, emerging accounting issues, and ethical considerations and potential conflicts of interest that CPA firms experience. What kinds of conflicts of interest do accountants and managers face? How can they be resolved? What types of conflicts of interest are evident in the Enron accounting scandal and the court trial currently unfolding in Houston? How would you resolve them?