Describe the standard-setting process for auditing. How does this process differ from the standard-setting process for accounting?
You are a CPA in practice at a local CPA firm working with individual tax clients. A client comes into your office and says that she has her own business but doesn’t want to report all of her income. Considering your risk, the risk to your client, and ethical considerations, what should you tell her? Remember to include research on the subject.
There are two primary places to get information on the tax research question. One is the AICPA professional ethics area and the other is the IRS. Please try to quote both in your answers. If you are in professional practice or have access to one of the professional tax research libraries, then those would be great as well.
Here is a recent article on auditing from AICPA’s Journal of Accountancy. You can get access to this material for free and have it delivered to your email.
Remember to use proper APA references and citations in all of your work. 500 words.
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