Question: On the AICPA Web site select Professional Resources then Professional
On the AICPA Web site, select Professional Resources, then Professional Ethics/Code of Conduct, and click on Professional Ethics. Click on Resources and Tools. Find the Plain English Guide to Independence. What is the purpose of this document? Does it explain differences between the AICPA, PCAOB, and SEC independence standards?
Answer to relevant QuestionsGo to the Web site of the Institute of Internal auditors (www.theiia.org). Find the IIA code of ethics. Briefly compare the IIA code to the AICPA Code.Describe the view of auditors as professionals who have a contract with society.Why is the phrase “holding out” important?What does Section 206 of SOX say about the independence of an audit firm when a member of the audit team goes to work for a client?Is it important whether an auditor is charged under common law or statutory law, and why or why not? How do the laws differ? What are the reasons why a plaintiff might prefer to bring a case in state or federal court?
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