Hi Tutor,

Can you please help me with the questions in the attached file? I need it by Sunday evening 9PM on Jul 2. Please also include the references.

Much appreciate!

ACCT Ethic Midterm Examination Summer Semester, 2017 Carefully read the questions below and provide your written response. Exam structure: 10 essay questions worth 10 points each. Please note this examination is to be completed by each student individually. Sharing answers and or posting this exam on any Website for any purpose is a violation of school Policy 150.25. All professors are required to turn students in to the Dean's office if they suspect academic dishonesty. Be sure your answers are well reasoned, conclusions are well supported, and your writing is well organized with few, if any, spelling/grammatical errors. Use spell and grammar check. Remember the 3-C's of writing: correct, clear, and concise. All professors have access to TurnItIn.com and may submit student papers to test for plagiarism. You must submit your answers in the appropriate LEO Assignment folder on or before the due date. See the course schedule in the syllabus for the due date. All assignments are due by 11:59 PM Eastern time. Questions: 1. A shift toward greater accountability and professional responsibility has taken place over the past twenty years. In your own words, discuss some of the issues that may have caused this shift in the accounting profession. 2. In your own words, discuss your understanding of the differences among the terms, ethics, morals, and laws. 3. Define professional skepticism and explain how it is helpful for accountants, particularly auditors and tax preparers. 4. In your own words, discuss how the AICPA's Code of Professional Conduct assists accountants' in making ethical professional judgments. Be specific. 5. In your own words, discuss how responsibility, accountability, fairness, and transparency help to create ethical corporate governance systems. 6. Select any two provisions of the AICPA Code of Professional Conduct and in your own words, explain how they contribute to maintaining high ethical standards in the accounting profession. 7. In your own words, discuss the difference between ethical rights and obligations in the accounting profession. 8. Supreme Justice Warren Burger, wrote the following opinion in the case: United States v. Arthur Young & Co: \"By certifying the public reports that collectively depict a corporation's financial status, the independent auditor assumes a public responsibility transcending any employment responsibility with the client. The independent public accountant performing this special function owes ultimate allegiance to the corporation's creditors' and stockholders, as well as to the investing public. This \"public watchdog\" function demands that the accountant maintain total independence from the client at all times and requires complete fidelity to the public trust.\" ~ How does the auditor's public responsibility transcend his/her employment responsibility with the client? 9. While you are engaged in the audit, the client asks if you would like to be the company's guest for a weekend in New York City. Discuss specific professional codes of ethics that specifically provide guidance on how the auditor should respond. 10. In your own words, discuss ethical relativism from an objective perspective. In addition, then state and justify your opinion of the theory of relativism. Issues that have caused shift in the accounting profession The technological advancement and sophistication. The increasingly smart technologies have enhanced the traditional ways of working and changing the traditional accounting techniques. The technological improvement has seen significant reduction in paperwork through the emergence of smart software systems such as cloud computing. The increased globalization has created numerous opportunities and hiccups for the accounting profession members. Globalization has encouraged the free flow of labor and capital thus enhancing overseas outsourcing and, technological and skill transfers from one locality to another. Accounting services can now be outsourced from different parts of the globe such as India, UK and many more. Further, the increased regulation has also impacted the accounting profession for a while. Several areas in accounting have attracted heavy regulations such as tax avoidance and money laundering. Finally, the ever increasing pressures from the stakeholders, social factors and other environmental conditions has changed the accounting profession. Due to the advanced stakeholder expectations, most contemporary organizations have now faced challenges in finding optimal and sustainable solutions to match the high level complexity of integrating the environmental, social and financial concerns. Differences between ethics, morals and laws Morality refers to generally accepted standards of behavior. It comprises of a set of deeply held and widely shared values in a society. Ethics consists of the expected code of conduct or behavior. On the other hand also, laws refers to established rules and regulations that control human behavior. Laws are usually established by governments to maintain law and order and resolve disputes. Further, laws help in the equal distribution of resources in accordance to the peoples' need. Professional skepticism and how it helps accountants Professional skepticism helps the accountants make informed and objective decisions about the required courses of action that can suit a given circumstance. This is enhanced through the integration of relevant knowledge, skills, experience and training in coming up with a sustainable solution. Through professional judgment and skepticism, organizations are able to provide reliable and transparent information that suits the financial statements users' expectations and needs. AICPA's Code of Professional Conduct use in professional judgments AICPA Code of Professional Conduct binds all accounting professions by setting out rules and regulations that govern the conduct and behavior of all accountants. The code requires members to provide professional services with high level competency, honesty, diligence, objectivity and full disclosure of any arising conflicts of interests. The rationale of the code is to streamline the profession such that each member exercises due independence when making any decision without bias, favor, or conflict of interests. This leads to rational and objective decision making by the accountants and ensuring that the public interest is always upheld. How responsibility, accountability, fairness and transparency create ethical corporate governance systems Through accountability, fairness and transparency, the rights of the shareholders and other stakeholders are protected by efficiently and effectively communicating information that is relevant, timely and easily understood by all interested parties on the affairs of the company. This ensures that the directors exercise their duties in a way that respects and protects the rights of all the shareholders according to the international and local governance customs. Through this, ethical governance is achieved