Question
Explain professional judgment and the CPAs obligations under the AICPA Code of Conduct. Describe SEC actions taken against auditors for a lack of independence. Describe
Explain professional judgment and the CPAs obligations under the AICPA Code of Conduct. Describe SEC actions taken against auditors for a lack of independence. Describe the process to resolve ethical conflicts that may cause violations to the rules. Explain what is meant by subordination of judgment in the context of the integrity and objectivity rules. Explain how to apply the rules of conduct in the AICPA Code to the performance of professional services. Describe the PCAOB independence and ethics rules. Distinguish between audit requirements for errors, fraud, and illegal acts. Describe fraud risk assessment procedures and red flags which might indicate an individual/organization is committing fraud. Describe the responsibilities of the external auditor, board of directors, and company management in regard to ICFR. Explain the standards for audit reports and auditor communications
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