Legal, Regulatory, and Professional Obligations BUS4111

Learning Goal: I’m working on a accounting question and need an explanation and answer to help me learn.


In addition to the AICPA Code of Professional Conduct and GAAS, auditors and accountants are also bound by various laws that have been passed over time. Failure to comply with the provisions of these laws has legal implications and also can affect the general public’s impression of the profession. Therefore, auditors and accountants need to recognize these provisions in the execution of their duties.

Respond to the following questions from your course text. 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.

Chapter 6 Questions

These questions are on pages 370–372 of your course text:

  • Distinguish between common-law liability and statutory liability for auditors. What is the basis for the difference in liability?
  • Explain the legal basis for a cause of action against an auditor. What are the defenses available to the auditor to rebut such charges? How does adherence to the ethical standards of the accounting profession relate to these defenses?
  • Assume a U.S. company operates overseas and is approached by a foreign government’s officials with a request to provide family members with company student internships. The company does business in that country with foreign customers and is negotiating for a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?


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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