Legal, Regulatory, and Professional Obligations

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By successfully completing this assignment, you will demonstrate your
proficiency in the following course competencies and assessment
criteria:

  • Competency 1: Identify the tenets of the AICPA Code of Professional Conduct.
    • Recognize how the AICPA Code of Professional Conduct is related to the provisions contained in many of the laws.
  • Competency 3: Distinguish the differences between ethical and legal issues.
    • Recognize the applicable laws and regulations applicable to your role as an auditor.
  • Competency 4: Communicate professionally according to the expectations of the field of accounting.
    • Communicate in a manner that is professional and in accordance with the expectations of the field of accounting.

Assignment Instructions

In addition to the AICPA Code of Professional Conduct and GAAS,
auditors and accountants are also bound by various laws that have been
passed over time. Failure to comply with the provisions of these laws
has legal implications and also can affect the general public’s
impression of the profession. Therefore, auditors and accountants need
to recognize these provisions in the execution of their duties.

Respond to the following questions from your course text. Your
paper should be no less than 800 words and no longer than 1,200 words
and be compliant with all APA composition and referencing requirements.

Questions

These questions are on pages 377–379 of your course text:

  • Distinguish between common-law liability and statutory liability
    for auditors. What is the basis for the difference in liability?
  • Explain the legal basis for a cause of action against an auditor.
    What are the defenses available to the auditor to rebut such charges?
    How does adherence to the ethical standards of the accounting profession
    relate to these defenses?
  • Assume a U.S. company operates overseas and is approached by a
    foreign government’s officials with a request to provide family members
    with company student internships. The company does business in that
    country with foreign customers and is negotiating for a contract with
    one such customer to provide services. Under what circumstances might
    such a request violate the FCPA?

Other Requirements

Your paper should meet the following requirements:

  • Written communication: Written communication should be free of errors that detract from the overall message.
  • APA formatting: Your paper should be formatted according to APA sixth edition style and formatting.
  • Length: 3–5 typed and double-spaced pages.
  • Font and font size: Times New Roman, 12 point.

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