Discussion: Ethical Dilemmas and Auditor Independence
1. Examine the role of professional ethics in conducting an audit. Select an ethical dilemma that may arise during an audit and discuss how you would resolve it.
2. Discuss auditor independence in the AICPA Code rules. Examine current safeguards available to reduce the risks of violating auditor independence.
Ethics Rule and Illegal Acts
3. Discuss the CPA responsibility in reporting illegal acts as stated in the article below. Would the new rule reduce AICPA ethics violations? Support your conclusion.
Ethics rule will require CPAs to discuss suspected illegal acts with clients".
Translation of Foreign Currency Financial Statements"
4. Analyze the fundamental differences between remeasurement and the translation approach when preparing a foreign currency financial statement for a company of your choice. Next, determine two to three situations when remeasurement is most appropriate. Provide support for your position.
5. Analyze the underlying conceptual differences between the temporal method of translation and the current rate method of translation. Determine how the balance sheet exposure differs under the two aforementioned methods. Select the method that you believe provides the least balance sheet exposure. Provide a rationale for your selection.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.