Week 1 DQs

1. Many professional accountants believe that the main purpose of accounting standards is to protect the public. With that in mind, what do you think are the main objectives of the AICPA code of professional conduct and how does the code relate to protecting the public? Be specific
2. A bookkeeper makes a significant posting error, which she later discovers and corrects. In fear of losing her job, she does not report the mistake to her supervisor. How should the employee have handled this situation and what should the supervisor do when the situation is disclosed?
3. How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
4. The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by doing this. Is this an ethical violation for the CFO? Why or why not?

Week 2 DQs

1. Financial statements are an important product of the accounting process. Provide an example of an internal user. How could he or she be harmed by fraudulent and unethical financial statements?
2. Financial statements are an important product of the accounting process. Provide an example of an external user. How could he or she be harmed by fraudulent and unethical financial statements?
3. Large-scale bankruptcies and corporate frauds resulted in the Sarbanes-Oxley (SOX) Act. Which provision of SOX do you think will have the most profound effect on improving the quality of financial reporting and why
4. Corporate executives are pressured between conflicting interests of internal and external stakeholders. Provide a specific example of such a conflict. How can the conflict best be resolved?

Week 3 DQs

1. Many professionals believe it is impossible to regulate ethics. Yet, the SEC and other federal agencies provide rules, regulations, and laws surrounding corporate governance. How effective are the legal processes in regulating corporate governance? Provide an example.
2. Several laws, most recently Sarbanes-Oxley, have provided provisions requiring high ranking officials to certify that they have acted ethically in corporate governance and financial reporting. How effective are such laws in protecting the public? Be sure to cite specific examples.
3. Executive officers within an organization will often feel compelled and tempted to emphasize short-term results—net income for the current year—over long-term success and company survival.
4. Why would they be so inclined and what are the ethical implications of overemphasizing short-term results over long-term success and solvency?
5. What are the ethical implications of the Microsoft® corporate governance systems presented in the text?
6. How could Microsoft® improve corporate governance?

Week 4 DQs

1. Several federal laws require external audits to protect the public. Should federal laws also require internal audits within a public corporation? Provide an example to support your response.
2. Professional auditing standards provide for an unqualified audit report with three standard paragraphs. Briefly describe those paragraphs. Which is the most important? Why?
3. Professional standards require independence in fact and appearance in regards to assigning auditors to engagements. Briefly define the terms in fact and appearance. What are the ethical implications and rationale for these auditing procedures?
4. In terms of professional standards, when is a disclaimer more appropriate than an audit opinion? Explain the basis for your example.

Do you want a similar Paper? Click Here To Get It From Our Writing Experts At A Reasonable Price.