NEW 16. Who is responsible for assessing the accountant's competence? The American Institute of Certified Public Accountants (AICPA) Each state's accountancy board. The accountant The accountant's client NEW 17. What inspired the need for the SOX Act? The Act was passed in the wake of a series of corporate scandals including Enron, WorldCom and TYCO. The act was a result of corporate ethics showing an increased prominence at U.S. companies. The act was passed to penalize companies for strong ethics, good governance and reliable reporting. The act was passed to encourage foreign companies to list on United States stock exchanges. NEW 18. The obligation to perform accounting professional services to the best of one's ability is independence. objectivity. due care. diligence NEW 19. Competence is a combination of honesty and integrity objectivity and independence. the scope of the engagment and the nature of services to be rendered.. education and experience. NEW 20. The character fundamental on which public trust is placed on accountants is independence. adequate training. objectivity. integrity