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Finance for Managers

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What are the consequences of a CPA or public accounting firm rendering an opinion based on unethical practices?

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Solution Summary

A CPA's training and expertise in the internal control structure of a business enterprise creates certain public expectations. These public expectations have led the courts to recognize that a CPA has an affirmative duty to discover circumstances which relate to the "family of fraud".

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A CPA's training and expertise in the internal control structure of a business enterprise creates certain public expectations. These public expectations have led the courts to recognize that a CPA has an affirmative duty to discover circumstances which relate to the "family of fraud". This includes illegal acts and insolvency circumstances that might indicate the enterprise is violating the going concern assumption. Financial fraud, particularly employee embezzlement, is frequently a related problem where we are held to an even higher standard. When financial fraud is found to have existed in the enterprise; the question always is "where was the CPA?" This is responsive to the public expectation that CPAs ...

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