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Why are accountants expected to maintain a higher level

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Accountants, as professionals, are expected to maintain a level of ethical conduct that goes beyond society's laws. It would be nice to believe that most individuals and CPA firms are so honest that they would not need a Code of Professional Conduct. However, there are numerous examples of companies and their auditors who engaged in dishonest practices. Large CPA firms, Arthur Anderson, and small ones have been disciplined for audit failures.

Question 1: Why are accountants expected to maintain a higher level of ethical conduct?

Question 2: Access the AICPA Code of Professional Conduct. List at two conducts listed in the Code.

Question 3: Find at least two instances of audit failures in the last 5 years. Describe the audit failure and name the CPA firm involved (not Arthur Anderson).

Reference no: EM132354713

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