What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
What is the Sarbanes-Oxley Act (SOX)? How does SOX impact the audits for the accounting firm and for the organization? Has SOX improved the quality of the audit? Why or why not?
Within your department or organization, how does internal audit interact with operating departments to ensure the most effective controls are in place and the most efficient audits are conducted?
Certified Public Accountants have imposed on themselves a rigorous code of professional conduct.
1. Discuss the reasons for the accounting profession's adopting a code of professional conduct.
2. One rule of professional ethics adopted by CPAs is that a CPA cannot be an officer, director, stockholder, representative or agent of any corporation engaged in the practice of public accounting, except for the professional corporation form expressly permitted by the AICPA. List the arguments supporting the rule that a CPA's firm cannot be a corporation.