Question: In 2002, a study done by the International Federation of Accountants (IFAC) identified four key issues that could reduce the accounting profession's credibility. The issues

 In 2002, a study done by the International Federation of Accountants

In 2002, a study done by the International Federation of Accountants (IFAC) identified four key issues that could reduce the accounting profession's credibility. The issues identified were creative accounting, poor audit quality, lack of auditor independence and financial accounting distortions. Required: (a) Explain with relevant examples how each of the four issues above affects the profession's credibility. (14 marks) (b) Recommend THREE (3) strategies that may be useful at reducing or eliminating these problems in the future. (3 marks) (c) Discuss EIGHT (8) attributes of the accounting profession (8 marks)

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