Accounting Ethics and Sarbanes-OxleyAssignment Overview Doing the Right Thing The background material indicates that professional ethics is an

Accounting Ethics and Sarbanes-OxleyAssignment Overview

Doing the Right Thing 

The background material indicates that professional ethics is an integral part of the control function and auditing procedures. Professional ethics follow the codes promulgated by various accounting bodies and is therefore different than general ethics. 

Chartered Institute of Management Accountants offers an Ethics CPD tool, "doing the right thing" on its website. (http://www.cimaglobal.com/Professional-ethics/Ethics/Responsible-business/Doing-the-right-thing/). It is a good tool to review your own view on some professional ethics choices.

Case Assignment

This first assignment is divided into three parts.

Part I

Use the ethics tool referenced above. Comment on the issues, your choices, and how you scored. What did you learn? Would you do anything differently after this exercise? 

Part II

Review the background material and do additional research as needed to respond to the questions below.

• Comment on professional ethics as opposed to general ethics. 
• Comment on trends in professional accounting ethics.
• What tools are available to help accountants solve ethical dilemmas?
• IFAC does attempt to set global standards for accounting ethics. Comment on three major aspects of the code. 
• Which professional codes of ethics apply to accountants? What if accountants are subject to multiple professional codes and employer codes? How to handle? 

Part III 

The PCAOB is the agency in charge with administering Sarbanes-Oxley. The agency under the SEC has a large influence on publicly held corporations and the accounting profession, so it is worthy of further examination.

Analyze the role of PCAOB and comment specifically on the following:

• What are the main functions of the PCAOB?
• What are some of the main restrictions on public accounting firms?
• Does PACOB have authority over foreign public accounting firms?
• Has the establishment of PCAOB had a positive impact on the accounting profession and investor trust?
• Comment on SOX-type legislation in other countries.

Assignment Expectations

It is important to answer the questions as posed. The discussion should be 5-7 pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheets when computations are involved.