WGU D550 ETHICS FOR ACCOUNTANTS
TASK 2 COMPREHENSIVE FINAL PAPER
2026 QUESTIONS WITH ANSWERS GRADED
A+
⩥ conscious capitalism is a more comprehensive and holistic approach.
Answer: What is the main difference between concsious capitalism and
CSR?
⩥ 1) Higher Purpose - while profits are essential for a sustainable
business, conscious capitalism focuses on purpose beyond profit
2) Stakeholder Orientation - concentrate on optimizing equal values for
all stakeholders
3) Conscious Leadership - embrace the company's purpose, create value
for all stakeholders, and inspire actions that contribute to a conscious
culture
4) Conscious Culture - contribute to a culture of trust, care, cooperation
among the company's employees, and all other stakeholders. Answer:
What are the 4 guiding principles of conscious capitalism?
⩥ - business's sole social responsibility is to fulfill the economic
functions they were designed to serve
- managers must work to further the owner's interests
- dominant model of CSR
,- places shareholders at the center of the corporation
- ethical responsibility is to serve those shareholders
- argued for by Milton Friedmen as the one and only social
responsibility of business. Answer: Economic Model of CSR:
⩥ stakeholder orientation is the degree to which an org understands and
addresses stakeholder demands, consist of:
- generation of data about stakeholder groups and assessment of the
firm's effects on these groups
- distribution of this information throughout the firms
- the responsiveness of the organization to this information. Answer:
Stakeholder Model of CSR:
⩥ Sec 302 of SOX. Answer: requires CEO and CFO to certify they have
reviewed the findings of annual or quarterly reports, and find the
statements within to be accurate and free of any material errors
⩥ Sec 404 of SOX. Answer: requires an external auditor report on
management's assessment of IC
⩥ Sec 406 of SOX. Answer: the code of ethics for senior financial
officers
⩥ Sec 806 of SOX. Answer: prohibits retaliation against whistleblowers
,⩥ Sec 906 of SOX. Answer: requires a written statement by the CEO
and CFO about compliance with SEC reporting requirements
⩥ direct and unrestricted. Answer: What kind of access should internal
auditors have to the audit committee?
⩥ - monitor corporate governance activities and compliance with
organization policies
- review effectiveness of the organization's code of ethics and whistle-
blower provisions
- assess audit committee effectiveness and compliance with regulators
- considered the "eyes and ears" of audit committee
- oversee IC and risk management processes. Answer: Internal Auditors:
⩥ - have an obligation to the public interest that underlies their corporate
governance repsonsibilities
- protects the interests of shareholders
- conduct audits independent of any influence of management or the
company
- ensure accountabiltiy for the financial reporting process
- communicate effectively with the audit committee ; accounting policies
and procedures, estumates by management, quality of financial
reporting, and personal violations of laws. Answer: External Auditors
, ⩥ - prevent and detect errors and fraud
- ensure that management policies are followed
- can be overridden by top management. Answer: Internal Controls:
⩥ COSO Framework. Answer: emphasizes roles of board of driectors,
management, internal auditors, and personnel
⩥ - effectiveness and efficiency of operations
- relability of financial reporting
- compliance with laws and regulations. Answer: COSO is designed to
provide reasonable assurance to achieve:
⩥ 1) control environment
2) risk assessment
3) control activities
4) monitoring
5) information and communication. Answer: What are the 5
componenets of the COSO framework?
⩥ Control Environement. Answer: sets the tone of the organization, it is
the foundation for all aspects of IC
TASK 2 COMPREHENSIVE FINAL PAPER
2026 QUESTIONS WITH ANSWERS GRADED
A+
⩥ conscious capitalism is a more comprehensive and holistic approach.
Answer: What is the main difference between concsious capitalism and
CSR?
⩥ 1) Higher Purpose - while profits are essential for a sustainable
business, conscious capitalism focuses on purpose beyond profit
2) Stakeholder Orientation - concentrate on optimizing equal values for
all stakeholders
3) Conscious Leadership - embrace the company's purpose, create value
for all stakeholders, and inspire actions that contribute to a conscious
culture
4) Conscious Culture - contribute to a culture of trust, care, cooperation
among the company's employees, and all other stakeholders. Answer:
What are the 4 guiding principles of conscious capitalism?
⩥ - business's sole social responsibility is to fulfill the economic
functions they were designed to serve
- managers must work to further the owner's interests
- dominant model of CSR
,- places shareholders at the center of the corporation
- ethical responsibility is to serve those shareholders
- argued for by Milton Friedmen as the one and only social
responsibility of business. Answer: Economic Model of CSR:
⩥ stakeholder orientation is the degree to which an org understands and
addresses stakeholder demands, consist of:
- generation of data about stakeholder groups and assessment of the
firm's effects on these groups
- distribution of this information throughout the firms
- the responsiveness of the organization to this information. Answer:
Stakeholder Model of CSR:
⩥ Sec 302 of SOX. Answer: requires CEO and CFO to certify they have
reviewed the findings of annual or quarterly reports, and find the
statements within to be accurate and free of any material errors
⩥ Sec 404 of SOX. Answer: requires an external auditor report on
management's assessment of IC
⩥ Sec 406 of SOX. Answer: the code of ethics for senior financial
officers
⩥ Sec 806 of SOX. Answer: prohibits retaliation against whistleblowers
,⩥ Sec 906 of SOX. Answer: requires a written statement by the CEO
and CFO about compliance with SEC reporting requirements
⩥ direct and unrestricted. Answer: What kind of access should internal
auditors have to the audit committee?
⩥ - monitor corporate governance activities and compliance with
organization policies
- review effectiveness of the organization's code of ethics and whistle-
blower provisions
- assess audit committee effectiveness and compliance with regulators
- considered the "eyes and ears" of audit committee
- oversee IC and risk management processes. Answer: Internal Auditors:
⩥ - have an obligation to the public interest that underlies their corporate
governance repsonsibilities
- protects the interests of shareholders
- conduct audits independent of any influence of management or the
company
- ensure accountabiltiy for the financial reporting process
- communicate effectively with the audit committee ; accounting policies
and procedures, estumates by management, quality of financial
reporting, and personal violations of laws. Answer: External Auditors
, ⩥ - prevent and detect errors and fraud
- ensure that management policies are followed
- can be overridden by top management. Answer: Internal Controls:
⩥ COSO Framework. Answer: emphasizes roles of board of driectors,
management, internal auditors, and personnel
⩥ - effectiveness and efficiency of operations
- relability of financial reporting
- compliance with laws and regulations. Answer: COSO is designed to
provide reasonable assurance to achieve:
⩥ 1) control environment
2) risk assessment
3) control activities
4) monitoring
5) information and communication. Answer: What are the 5
componenets of the COSO framework?
⩥ Control Environement. Answer: sets the tone of the organization, it is
the foundation for all aspects of IC
