Answered step-by-stepThe commentary in the journal article by Wyatt; Accounting...
The commentary in the journal article by Wyatt; Accounting professionalism -They Just Don't Get It, makes some suggestions on how the accounting profession can seek to prevent a recurrence of the recent bad times and how educators may better prepare entrants to the profession.
Required:
➢Select 2 of these suggestions by the author as to what accounting firms can do to stop a recurrence of the issues discussed. Include the basis for your agreement/disagreement with these conclusions from the author, consistent with ethical principles included in the topic, given that almost 20 years has passed since his initial speech that formed the motivation for the article.
➢Comment on the criticism by the author regarding the Big 4 accounting firms, whereby he stated that these firms sought to deflect blame on themselves to that of released accounting standards not reflecting reality-that is the blame should be borne by the industry associations regarding shortcomings in the accounting standards. Do you agree with the author's dismissal of the Big 4 accounting firms statements in this context? Briefly justify your conclusions.
Answer & Explanation
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