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Case Assignment
The assignment is a formal paper 5 to 8 pages long (excluding the title page and references). The paper should be formatted using APA style.
Corporate governance is defined as: "a process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (stockholders) elect a board of directors to provide oversight of the organization's activities." Public accounting serves an important role in corporate governance.
Required
1. Describe the role that external auditing fills in promoting good corporate governance.
2. In what ways might the public accounting profession have failed its important role prior to the issuance of the Sarbanes- Oxley Act of 2002?
3. A former chairman of the SEC described auditors as public watch-dogs. What does the term public watchdog convey regarding the responsibility of the external auditor to the public?
4. One component of good corporate governance is a code of ethics that has been developed for a company. For example, Enron had one of the most complete codes of ethics in corporate America.a. How would an auditor go about determining whether a corporate code of ethics is actually being adhered to?b. What evidence would the auditor gather to support an assessment of the corporate code of ethics?
Verified Expert
External Auditor plays an effective role in recognition of fraud and unethical practices in an organization. They safeguard the interest of a public by providing effective and true audit report determining the reliability and accurateness of the financial position of organization. Enron scandal case was one of the popular cases in accounting profession failure and led the enactment of Sarbanes-Oxley Act, 2002 which made efforts to make the auditor profession more realistic and effective in terms of recognition of fraud and any unethical practices. There is code of ethics for profession of auditor which has to be fulfilled auditor including many aspects such as submission of auditor review reports time to time and saving it for longer period, type of services to be provided to any client.
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Code of Ethics for Professional Accountants
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