BUS 607 Week 6 Discussion 1 Professional Responsibility

BUS 607 Week 6 Discussion 1 Professional Responsibility Discuss two of the following items: • Discuss the importance of becoming familiar with the various ways an accountant can be held liable. What are the common principles to all of the forms of liability? How do you anticipate being able to navigate a successful career without incurring liability? Under what circumstances do you feel accountants are more likely to incur liability and how would you suggest avoiding those situations? • Explain the difference between the attorney-client privilege and the accountant-client privilege. Why is this an important distinction? Why do you think that the law doesn’t provide the same level of privilege for accountants as it does for attorneys? • In 2008, the SEC approved a plan to replace GAAP and GAAS with IFRS. Explain the general differences in these standards. Why do you thing the SEC is not using IFRS. Do you think this is a good change or a bad change? Why? Use this week’s lecture as a basis for your post. Respond to at least two of your classmates’ posts.