Problem:
Do you feel that the accounting profession is considered to have the highest standards for ethical and moral conduct? Certainly, the profession strives for high ethical conduct, but certainly the ethics of the profession were called into question with the collapse of WorldCom, Enron, Adelphia, etc. Since these collapses, the profession has certainly taken steps to improve ethics. Prerequisites to sit for the CPA exam generally include an ethics course while continuing education hours typically also require some hours of ethics training per reporting period. Certainly, the many requirements of the Sarbanes Oxley act also reinforce professionalism and ethical conduct. Despite these changes, we continue to hear about the "expectations gap". Do you feel a gap exists between the credibility of the accounting profession and the public's perception of the accounting profession? Why or why not?