Session 13- Discussion Questions ACC 383K.1 -Oversight of and Threats to the Profession Spring 2024 1. What are internal inspections and peer reviews? How do they differ from PCAOB external inspections? 2. What are PCAOB enforcement actions and how do they differ from PCAOB external inspections? 3. What are the sources of accounting firms' exposure to litigation and financial damages (include both present-day and potential sources in the future)? 4. What are the objectives of auditor legal liability/the legal system? Does our current legal system meet these objectives? 5. Does a settlement mean that an auditor was at fault? What is the problem with voluntary resolutions (i.e., settlements)? 6. Can KPMG US be held legally accountable for an audit failure of one of its international network firms? Why or why not? 7. Based on the readings, what risks does China pose to the U.S. economy? 8. Why are the accounting firms having human capital challenges? What does it mean for your career? (JS Note> This is not in your readings. Just do your best.] 9. How relevant are financial statement auditors today? 10. What other threats face our profession