Use the Ethical Reasoning Methods of egoism, enlightened egoism, act utilitarianism, rule utilitarianism, rights theory, justice, and virtue ethics discussed in Exhibit 1.3 in discussing each of the following questions regarding ethics expected of a CPA in the situations described.

1. CPAs conducting financial statement audits in the U.S. in the 1995 to 2005 period used Generally Accepted Accounting Principles (GAAP) that were based more on meeting minimal rules than on accounting principles. Which of the ethical reasoning bases would you say best explains this approach? Discuss why you chose this method and how this impacted auditors opinions on financial statements.