Publication: The CPA Journal
Have you ever wondered why ethical and other professional issues arise under the most inopportune circumstances? Whether faced with performing an audit below cost or becoming financially dependent on an individual client, recognizing and addressing these types of issues can at times be challenging for both practitioners and the firms in which they represent.
In the following article, published in the August 2011 edition of The CPA Journal, contributors Raymond Johnson and Gaylen Hansen explore the benefits of implementing a “threats-and-safeguards approach” to ethical issues surrounding audit fees and engagement profitability. Together, they address how this approach positions the practitioner to maintain professional standards while viewing ethical issues from a broader lens—always considering how a potential ethical threat would be viewed by the public—always exercising professional judgment in an effort to strengthen compliance.
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