Question: 1 If Wanda Liczyk did not benefit financially did she

1. If Wanda Liczyk did not benefit financially, did she really have a conflict of interest? Should she have been disciplined by the ICAO? Why or why not?
2. Should the accounting profession be allowed to police itself, or should an independent third-party, such as the government, enforce professional codes of conduct?
3. Do you agree with Doug Elliott’s complaint that closed-door trials of accountants by the accounting profession is not in the public interest?
4. By not prosecuting Liczyk after the Bellamy Report was published, did the ICAO give the appearance that it was protecting its own, and not wanting to publicly acknowledge that some chartered accountants actually violate the rules of professional conduct?
5. Should Liczyk, as the chief financial officer of the city, have been prosecuted by the ICAO on the more serious charge of failing to provide the required financial oversight, competence and necessary due care associated with monitoring the MFP lease? Why or why not?

In 1984, twenty-three year old Wanda Liczyk received her designation as a chartered accountant. The following year she left Coopers & Lybrand (now part of Price water house Coopers) to become a budget analyst for the City of North York. By 1991, she had become the city’s treasurer and protégé of the mayor, Mel Lastman. In 1998, when North York was amalgamated into the City of Toronto, forming a mega-city, Wanda became Toronto’s chief financial officer and treasurer, responsible for overseeing an operating budget of $6.5 billion.

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