What are the formal and informal sources of regulations for accountants? What are some consequences of violating these regulations?© BrainMass Inc. brainmass.com March 4, 2021, 8:05 pm ad1c9bdddf
I've interpreted your question to mean
1. independent accountants including CPAs and CAs (in Canada) as opposed to degreed accountants working in industry
2. regulations meaning professional behavior rather than task-oriented sources of information
If I assumed correctly, then we are talking about licensed CPAs (CAs) for whom the general public expects a ...
The solution first qualifies the question to those accountants who are licensed by a governmental entity, and from whom the public expectations are the highest. A list of about 10 sources of both formal and informal regulations are given in the problem followed by seven possible consequences of perceived violations of the regulations.