Abstract
The public accounting profession and its relationship to the management of corporations are under increasing scrutiny by several regulatory bodies and congressional committees. The role of certified public accountants (hereafter called independent auditors) and their responsibilities to the shareholders and the board of directors (BOD) of corporations lead to several interrelated issues. Included in these issues are the role of internal accounting control and the responsibilities of management and the board which were brought to legal consideration in the Foreign Corrupt Practices Act (FCPA). The Cohen Commission on auditor's responsibilities,' the Securities and Exchange Commission's (SEC) Release No. 34-157722 on the management's responsibility to internal accounting control,3 the Minahan Committee report,4 and the Savoie
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