- According to the textbook, in providing guidance on auditing standards, the GAAS have often been criticized for failing to provide useful guidelines for conducting audits. Critics argue that the language contained within an unqualified audit report—i.e., “no material misstatements exist”—is merely an excuse to avoid legal liability. Take a position, and debate the legitimacy of the comment.
- Evaluate whether the SOX and PCAOB have been effective in reducing unethical behavior of corporate executives. Propose at least two amendments or provisions to SOX that would make management more accountable for the accuracy of financial statements, or provide additional sanctions that might reduce unethical behavior. Support your position.
Please keep the bullet point and solution together and make the solution at least a paragraph long.
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