To what extent does an independent accountant owe allegiance

Assignment Help Financial Accounting

Reference no: EM13215875

Beginning with the Enron debacle more than a decade ago, and continuing through the Bernie Madoff scandal of recent years, there has been much discussion regarding the relative roles and responsibility of the SEC and the independent auditors and accountants in safeguarding the investing public from unscrupulous business practices, including the implementation of Sarbanes Oxley requirements. To what extent does an independent accountant owe allegiance to the client company who has engaged him or her (by providing consultative services to improve the financial reporting, for example), as opposed to strict allegiance to investors by acting in a totally independent manner? Is there a middle ground?

Reference no: EM13215875

Questions Cloud

What is the relative liability of individual and of company : Even though we may contract with a company or an organization to provide us with goods and services, we still most typically deal with an individual human being representing that organization. In the event of a problem with our purchase.

What are the critical values : A sample of 10 executives indicated that they spent an average of $11.30 with a sample standard deviation of 0.56 on lunch. Let = 0.05. What are the critical values?

Find the magnitude and direction of a - b : The force vector A has a magnitude of 75.0 newtons (N) and points due east. The force vector B has a magnitude of 138 N and points 75.6 ° north of east. Find the (a) magnitude and (b) direction of A - B

Estimate for the mean hospital cost for victims : what is the point estimate for the mean hospital cost for victims who wore seat belts and construct and interpret 99percent conf interval estimate for the mean hospital costs for accident victims who wore seatbelts.

To what extent does an independent accountant owe allegiance : Beginning with the Enron debacle more than a decade ago, and continuing through the Bernie Madoff scandal of recent years, there has been much discussion regarding the relative roles and responsibility of the SEC and the independent auditors and a..

How an observer can observe a higher or lower frequency : Pick at least two sample cases and for each sample case include both a physical reason you'd expect fo to go up or down (think about how sound waves are squishing together or spreading apart) and a mathematical reason (like will picking a + in the..

What is the point estimate for the pop mean of all temp : construct and interpret a 95% confidence internal estimate of the pop mean of all such temp and what is the point estimate for the pop mean of all temp.

Example of how statistics are miscommunicated : This is one way of saying statistics can be easily miscommunicated. Find one example of how statistics are miscommunicated and explain why there was a miscommunication and what you would do to correct this problem.Using probability: How can you use..

What should the us pumps senior manager do : US Pumps is a multidivisional firm that manufactures and installs chemical piping and pump systems. Its valve division makes a single standardized valve. The valve division and installation division currently are involved in a transfer-pricing dis..

User Account

All Pages