Question
An auditor is required to be independent. The American Institute of Certified Public Accountants (AICPA) requires that auditors follow a four-step process or conceptual framework
An auditor is required to be independent. The American Institute of Certified Public Accountants (AICPA) requires that auditors follow a four-step process or conceptual framework in which they (1) identify threats to independence, (2) evaluate the threats, (3) identify safeguards against the threats, and then (4) evaluate safeguards to ensure that they reduce threats to independence to an acceptable level. Use this process to reflect upon whether the Clifton auditors or Sam Card were independent. Refer to the AICPA's Code of Professional Conduct, Conceptual Framework for Independence (1.210)
Horseplay in Dixon: Lessons Learned from the Rita Crundwell Fraud
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