This first assignment is divided into three parts.
Part I
Use the ethics tool referenced above. Comment on the issues, your choices, and how you scored. What did you learn? Would you do anything differently after this exercise?
Part II
Review the background material and do additional research as needed to respond to the questions below.
Comment on professional ethics as opposed to general ethics.
Comment on trends in professional accounting ethics.
What tools are available to help accountants solve ethical dilemmas?
IFAC does attempt to set global standards for accounting ethics. Comment on three major aspects of the code.
Which professional codes of ethics apply to accountants? What if accountants are subject to multiple professional codes and employer codes?
How to handle?
Part III
The PCAOB is the agency in charge with administering Sarbanes-Oxley. The agency under the SEC has a large influence on publicly held corporations and the accounting profession, so it is worthy of further examination.
Analyze the role of PCAOB and comment specifically on the following:
What are the main functions of the PCAOB?
What are some of the main restrictions on public accounting firms?
Does PACOB have authority over foreign public accounting firms?
Has the establishment of PCAOB had a positive impact on the accounting profession and investor trust?
Comment on SOX-type legislation in other countries.