Week 3 Assignment 1 Submission
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Assignment 1: Legal Obligations of Public Accounting FirmsDue Week 3 and
worth 200 points
Assume you are a CPA working at a public accounting firm. You have been tasked
with assessing and reporting on the firm’s legal obligations to clients, investors,
regulators, and the general public.
Write a three to four (3-4) page paper in which you:




Analyze the exposure that a public accounting firm has related to fraud, unethical
acts, and the firm’s duty to clients, investors, regulators, and the general public and
how these need to be managed to minimize risk.
Of the risk identified above, prioritize the exposure risk and suggest the one risk
that the firm must address above all others. Provide a rationale with your
prioritized list.
Develop a metric, matrix, scorecard, or other tool that will measure the
effectiveness or the results of the recommended strategies justifying the elements
of the scorecards for evaluating the strategy.
Use at least three (3) quality academic resources in this assignment. Note:
Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch
margins on all sides; citations and references must follow APA or school-specific
format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the reference
page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Examine ethics and the responsibilities of accountants in terms of the American
Institute of Certified Public Accountants (AICPA) Code of Professional Conduct,
tax practice, common law liability to clients and third parties, and federal statutory
Use technology and information resources to research issues in business law and

Write clearly and concisely about business law and tax using proper writing