Question: The June 22 2011 issue of the Wall Street Journal

The June 22, 2011, issue of the Wall Street Journal Online includes an article by Michael Rapoport entitled “Auditors Urged to Tell More.” It provides an interesting discussion of the possible expanding role of CPAs.

Read the article and answer the following questions.
(a) What are some of the ideas that the Public Company Accounting Oversight Board proposed for expanding the role of auditors in “passing judgment on more of what a company does and says?”
(b) How might the financial crisis influence the public’s opinion regarding the need for more information from auditors?
(c) Describe the proposed “Auditor’s Discussion and Analysis.”
(d) Discuss whether you think that auditors will view these proposals positively or negatively.

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