Corporate Governance and Other Non-Attest Services

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By successfully completing this assignment, you will demonstrate your
proficiency in the following course competencies and assessment
criteria:

  • Competency 1: Identify the tenets of the AICPA Code of Professional Conduct.
    • Recognize the rules in the AICPA Code of Professional Conduct related to corporate governance and other non-attest services.
  • Competency 2: Recognize ethical issues involved in financial reporting.
    • Identify the principles and mechanisms for developing an effective corporate governance system.
  • Competency 3: Distinguish the differences between ethical and legal issues.
    • Identify the applicable laws related to corporate governance and other non-attest services.
  • Competency 4: Communicate professionally according to the expectations of the field of accounting.
    • Communicate in a manner that is professional and in accordance with the expectations of the field of accounting.

Assignment Instructions

The majority of certified public accountants (CPAs) find themselves
working outside of public accounting in various capacities within
private industry or government. Within public accounting, they may also
find themselves outside of the audit function, performing various
consulting services not related to expressing an opinion on the
company’s financial statements. These are referred to as non-attest
services. Whether in private industry or performing non-attest services,
CPAs still have ethical responsibilities to the profession.

Respond to the following questions.Your
paper should be no less than 800 words and no longer than 1,200 words
and be compliant with all APA composition and referencing requirements.

Questions:
  • In her book The Seven Signs of Ethical Collapse,
    Jennings explains, “When an organization collapses ethically, it means
    that those in the organization have drifted into rationalizations and
    legalisms, and all for the purpose of getting the results they want and
    need at almost any cost.” Discuss what you think Jennings meant by this
    statement.
  • COSO explains the importance of the control environment to
    internal controls by stating it sets the tone of an organization,
    influencing the control consciousness of its people. It is the
    foundation for all aspects of internal control, providing discipline and
    culture. Explain what is meant by this statement.
Questions:
  • Assume that the CPA firm of Giants and Jets LLP audits
    Knickerbocker systems Inc. (the Knicks). The controller for the Knicks
    happens to be a tax expert. During the current tax season, Giants and
    Jets LLP gets far behind in processing tax returns for wealthy clients.
    It does not want to approach clients asking permission to file for an
    extension to the April 15 deadline. One alternative is for the firm to
    hire the Knicks controller as a consultant just for the tax season.
    Discuss the ethical issues that should be considered by Giants and Jets
    before deciding whether to hire the controller of a client, including
    possible threats to independence.
  • In recent years, the move by accounting firms to offshore tax and
    consulting work has grown and expanded into audit work. What are the
    ethical concerns that might be raised about the practice of
    electronically transmitting audit information to offshore centers like
    those in India that provide accounting professionals to audit U.S.
    corporations’ financial statements?

Other Requirements

Your paper should meet the following requirements:

  • Written communication: Written communication should be free of errors that detract from the overall message.
  • APA formatting: Your paper should be formatted according to APA sixth edition style and formatting.
  • Length: 3–5 typed and double-spaced pages.
  • Font and font size: Times New Roman, 12 point.

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