“Unbiased Reporting”

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  1. “Unbiased Reporting” Please respond to the following: • Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your response. • Analyze the audit opinion formulation process and suggest at least one (1) improvement to the process to strengthen audit opinions. Provide a rationale to support your suggestion  • Analyze the changes made to corporate governance rules since the implementation of the Sarbanes—Oxley Act of 2002. Based on your analysis, formulate an opinion on whether or not these changes are sufficient in preventing financial fraud. Provide a rationale for your response. • Debate it! Audit committees are an effective tool for detecting and preventing fraud. Provide a rationale for your response. • Imagine that you work for an audit firm and the firm selected you to assess its auditor independence and the potential threats to the firm. Determine at least two (2) potential threats to auditor independence and recommend one (1) strategy for the firm to eliminate or mitigate those threats you determined.

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