CHAPTER 1 INTRODUCTION TO PROFESSIONAL RESEARCH Discussion Questions 1. Research in general involves the investigation and analysis of an issue in question. The researcher usually applies reasonable and reflective thinking to develop an answer to the issue or problem at hand. Research requires a clear definition of the problem, using professional databases to search the authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results
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a financial status and allows a company to maintain stability. Today companies are practicing how they do business better in regard to the corporate scandals of Enron, WorldCom, and AIG. Companies are learning to think outside the box in how they conduct financial reporting such as adopting global standards of increasing fair value reporting. Accounting and capital allocation, meeting challenges, setting objectives, are three factors that that effect how financial reporting is practiced within an
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Chapter Four Professional Accounting in the Public Interest, Post-Enron Purpose of the Chapter When the Enron, Arthur Andersen, and WorldCom debacles triggered the Sarbanes-Oxley Act of 2002 (SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles
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Issue Giles and Regas relationship lead to conflict of interest and damaging the reputation of the firm. 3.Stakeholders and Obligation CAA Management and Mark Sax. They are the stakeholders expect auditors to carryout their service with due professional care within a constrained time period. Giles and Regas here spends their personal time during workday. They also have the potential to cover up for each other if one or both of them screw up on audit because they were not focusing on their performance
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responsibility report c. Corporate quarterly report d. Corporate stakeholder report e. Corporate ethics committee report 7) The goal of the State Board of Public Accounting is to protect the public? a. True b. False 8) Professional Accountants, in their fiduciary role, owe their primary loyalty to: a. The accounting profession b. The client c. The general public d. Government regulations e. All of the above 9) A CPA license issued by the
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should concern. What is ‘integrity’? Does integrity matter or even exist anymore? The article I read is called ‘Integrity in Professional Life: Issue of Conduct, Commitment and Capacity.’ The author Sarah Banks (2010), mainly discusses about the nature of professional integrity and the author identifies three versions of ‘professional integrity’: ‘morally right conduct’; ‘commitment to a set of deeply held values’; ‘and a capacity for reflexive sense-making and reliable accountability.’ The word
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accountants are required to act in the line with the standards and code of ethics. According to the Utilitarian theory the action is considered as ethical if it results in achieving the greatest good to the maximum number of people. The AICPA principle of professional conduct requires that members should act with responsibility, in public Interest, objectively and independently, with integrity and due care towards the professional and technical standards to deliver the quality services. A profession
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relationship is that of a professional towards his or her client. Because accounting is a skill that demands expertise, and because accountants have clients’ who depend on that expertise, accounting can be included among the professions. Accounting ethics in the field of accounting refers to the guidelines (consisting of judgments and moral values) that a professional needs to follow while practicing accounting. People using the service of accounting professionals rely on their professional competency to take
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QUESTIONS FOR THE ‘ETHICALLY-PROFESSIONAL’ C.P.A.-TO-BE 1. Do YOU care about how your actions as a C.P.A. could benefit or harm other persons / society? (from our discussion of Psychological Egoism) I care about how my actions as a C.P.A could benefit or harm other persons/society. I realize that as a professional working for the public I need to use due care in working as a C.P.A. As a member of the AICPA I’m obligated to follow the Code of Ethics designed for members to follow when
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that a taxpayer can be engaged in an activity for profit even when there is only the rare possibility of profit. Q.69 Answer: The AICPA Tax Executive Committee believed that it is appropriate to issue the standards that would become part of the Professional Code of Conduct. The Statements on Standards for Tax Services (SSTS) are issued by the AICPA widely reflect the SRTPS. Chapter Three Answers Q.22 Answer: a) How much income should Realty Corp. report in year 1 from the
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