What are some of the steps the AICPA and the accounting prof

What are some of the steps the AICPA and the accounting profession as a whole can and are taking to reduce the practitioner’s exposure to lawsuits

Solution

Steps the profession is taking to reduce practitioners\' exposure to lawsuits includethe following.·

Research in auditing ·Standard and rule setting and revisions to meet the changing needs of theprofession ·

Setting requirements to protect auditors ·

Establishing peer review requirements ·Opposing lawsuits ·

Educating investors and other users of financial statements as to the meaningof the auditor\'s report and the nature of the auditor\'s work ·

Sanctioning members for improper conduct ·

Lobbying for changes in laws