7-1 Discussion: Professional and Legal Responsibility

Discuss your professional and legal responsibilities as an auditor by referring to theStatement of Auditing Standards (SAS) as well as thePublic Company Accounting Oversight Board (PCAOB)rules. In addition, discuss how some of the rules have changed since these large frauds have occurred.

In response to your peers, consider the responsibilities your classmate listed in the initial post and discuss how those responsibilities play into the expectations gap (i.e., the expectation of auditors from the public versus what auditors are actually able to do).