Questions from General Accounting

Q: The following pertains to auditor legal liability standards under the PSLRA:

The following pertains to auditor legal liability standards under the PSLRA: a. The Reform Act requires that, in any private securities fraud action in which the plaintiff is alleging a misleading sta...

Q: Some auditors claim that increased exposure under Section 404 of the SOX

Some auditors claim that increased exposure under Section 404 of the SOX creates a litigation environment that is unfairly risky for auditors. Do you think that the inability of auditors to detect a f...

Q: Assume a U.S. company operates overseas and is approached

Assume a U.S. company operates overseas and is approached by foreign government officials with a request to provide family members with student internships with the company. The company does business...

Q: Has the accounting profession created a situation in which the auditors’ ethical

Has the accounting profession created a situation in which the auditors’ ethical behavior is impaired by their professional obligations? How does the profession’s view of such obligations relate to ho...

Q: In a 2014 segment of Shark Tank, Trevor Hiltbrand, the

In a 2014 segment of Shark Tank, Trevor Hiltbrand, the founder of nootropic supplement maker Cerebral Success, sought funding from the "Sharks" to introduce a line of nootropic shots to be sold on col...

Q: Consider the following statement and explain the relationship between legal compliance on

Consider the following statement and explain the relationship between legal compliance on a global level and ethical responsibilities of accountants and auditors: “Ethical values and legal principles...

Q: Business ethics is about managing ethics in an organizational context and involves

Business ethics is about managing ethics in an organizational context and involves applying principles and standards that guide behavior in business conduct. According to IFAC, “The decisions and beha...

Q: How do Gray’s accounting values establish a basis for financial reporting in

How do Gray’s accounting values establish a basis for financial reporting in countries with different cultural systems?

Q: What are the costs and benefits of establishing one set of accounting

What are the costs and benefits of establishing one set of accounting standards (i.e., IFRS) around the world? How do cultural factors, legal systems, and ethics influence your answer? Apply a utilita...

Q: The Institute of Chartered Accountants in England and Wales (ICAEW)

The Institute of Chartered Accountants in England and Wales (ICAEW) has adopted a code of ethics based on the IFAC Code. In commenting on the principles-based approach used in these codes, the ICAEW s...