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• W25636705 abstract "ABSTRACT Audit opinions provide assurance that financial statements used for equity investment, loan and other decisions are fairly stated. The opinions are based on professional judgment and technical competence, and ethical behavior by auditors is critical to their quality. Substandard audit work by auditors has placed the profession under siege. Auditors at all of the large firms have allegedly broken the Code of Professional Conduct, and we provide a summary of 10 major current cases. Action by regulatory agencies is needed to improve auditor ethics. Perhaps the most progress can be made at the state level, which sets licensing requirements for CPAs. We reviewed the continuing professional education (CPE) requirements of all 50 states and found that 48 of 50 states have CPE requirements. We analyzed the amount of required CPE as well as the type of CPE for which credit is given. We also analyzed CPE requirements regarding ethics training. We found 32 states have no requirement that CPE include ethics training. For states requiring ethics, the annual requirements amount to less than one required hour of ethics CPE per year. Action by the accounting profession as well as at the state level is needed to improve auditor ethics. INTRODUCTION The auditing profession is under siege for its lack of ethical conduct in the past decade. Auditors have allegedly helped clients hide unfavorable financial information, ignored evidence of fraudulent financial reporting, and broken their own Code of Professional Conduct, among other transgressions. A study done by Vanderbilt University found that auditing firms may lie to keep a profitable audit client if the expected benefits of keeping the client happy outweigh the expected costs of an audit failure if the firm gets caught (Jensen, 2004). It appears that profits have become more important than good auditing practices at some firms. Substandard audit work and unethical decisions by auditors have resulted in the loss of billions of dollars by investors and retirees, and the loss of thousands of jobs. Perhaps the most important loss for auditors has been their esteemed place in the financial world. No longer are auditors assumed to be keepers of the public trust. In this paper we discuss the role ethics plays in audits, and analyze how auditor ethics can be improved through efforts at the national, state, audit firm and individual auditor levels. Current requirements for ethics study as a part of auditors' continuing professional education are also analyzed. THE NATURE OF THE AUDIT Certified Public Accountants (CPAs) perform a variety of essential financial functions for business. In addition to maintaining financial and other important information representing the dayto-day business activities, accountants provide tax advice, design internal control systems, and perform many other analytical tasks that are indispensable to effective company management. No role filled by CPAs is more important than the role of external auditor. Auditing is the process of attesting to the fairness of financial statements. External auditors collect evidence about the transactions underlying the client's financial statements. They also collect evidence about the design and operation of internal controls, the systems of checks and balances that ensure reliable financial reporting and deter fraud. This evidence is analyzed in light of the auditor's experience and expertise. It is the job of external auditors to verify that clients have accounted for their transactions fairly according to Generally Accepted Accounting Principles, including applying assumptions and estimates in a reasonable manner. The importance of an audit by a licensed professional accountant was eloquently stated in a 1984 Supreme Court decision opinion written by Justice Warren Burger: By certifying the public reports that collectively depict a corporation's financial statements, the independent auditor assumes a public responsibility transcending any employment relationship with the client. …" @default.
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• W25636705 date "2005-01-01" @default.
• W25636705 modified "2023-09-23" @default.
• W25636705 title "Continuing Ethics Education Is Critical to Improving Professional Conduct of Auditors" @default.
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