ACCT411 1.The Ethics of Managerial Accounting…the code presents four standards of ethical conduct. List those four standards and in your own words present a short one paragraph write up on one of those four standards. 2.There are seven standards in the Statements of Standards for Tax Services. List one of the seven standards and discuss in your own words your understanding of that standard. 3.The Social Responsibility of a Business: The contemporary idea of business as a social institution developed from the perception that its fundamental concern is to make a profit. Consider this statement by Milton Friedman: The primary and only responsibility of business is to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception and fraud.” In 100 to 150 words tell me if you agree or disagree with this idea that the fundamental concern of a business is simply to make a profit. 4.What are the three PCAOB auditing standards that registered CPA firms are required to follow when auditing public companies. 5.The Sarbanes/Oxley Act increased demands on management to prevent and detect material control weaknesses. In Section 302 Disclosure Controls of SOX,companies are required to: a. review their disclosure controls and procedures quarterly,b. identify all key control exceptions and determine which are internal control deficiencies,c.assess each deficiency’s impact on the fair presentation of their financial statements, andd.identify and report significant control deficiencies or material weaknesses to the audit committee of the board of directors and to the company’s independent auditor.These requirements focus on deficiencies, which are usually a result of what? 6.The Center for Audit Quality commissioned a study to investigate restatement trends and activity. List one event effecting the restatement activity and provide the corresponding year.
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