Week 1 - DQ 1

Why is public accounting often viewed as a guarantor of results, or even as a provider of assurance that one's investment is of high quality? To what extent is it reasonable to view the auditor as a guarantor? Explain. To what extent do you believe that user expectations of the public accounting profession appear to be unwarranted? Explain.

Response #1

In my opinion most public accounting are viewed as a guarantor of results (some time called number crunchers), or even as a provider of assurance that other people investment is of high quality for several reason. Therefore, public accountings are often perceived as an independent analysis of an entity's financial position. Whereas the reasons may include the standards are procedures that accounting professionals are required...