Ethics in Accounting Paper

One page paper

12pt

single space

Answer the following questions:

1. Is independence impaired when an auditor is hired, paid, and fired by the same corporate managers whose activities are the subject of the audit? Does it matter that in most companies the audit committee hires, evaluate, fires (if appropriate), and determines the fees of the external auditor with minimal input from senior management? 

2. Do you believe the internal audit activity should be independent? 

Explain.

3. What are the dangers of creeping commercialism in the accounting profession?