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Responsibility for
Country
Ethical Standards
Enforcement
Legal Liability
Detection of Fraud
North and South America (Continued)Mexico
The Mexican Institute of
The Mexican Institute of
The auditor may be sued if
A statutory auditor is respon-
Public Accountants has is-
Public Accountants
the audit is not conducted
sible for the vigilance of the
sued a code of professional
according to the standards
company and the admini-
ethics to guide its members
and procedures issued by the
strations
in moral conduct and to de-
Mexican Institute of Public
clare its intentions to serve
Accountants and a third party
society with trust, diligence,
is affected.
and self-respect.
United States
The bylaws of the AICPA
Council of the AICPA is
The auditor may be held
The auditor should assess the
require that members adhere
authorized to designate bod-
legally and professionally
risk that errors and irregulari-
to the Rules of Code of
ies to promulgate technical
liable when he or she fails to
ties may cause the financial
Professional Conduct. These
standards under the Rules,
apply due professional care
statements to contain a mate-
Principles of the Code of
and the bylaws require ad-
in the application of the re-
rial misstatement. Based on
Professional Conduct of the
herence to those Rules and
quired auditing standards.
that assessment, the auditor
AICPA express the profes-
Standards. Compliance with
should design the audit to
sion’s recognition of its
the Code of Professional
provide reasonable assurance
responsibilities to the public,
Conduct depends primarily
of detecting errors and irregu-
to clients, and to colleagues,
on members’ understanding
larities due to fraud that are
They guide members in the
and voluntary actions, sec-
material to the financial
performance of their profes-
ondarily on reinforcement by
statements.
sional responsibilities and
peers and on public opinion,
express the basic tenets of
and, ultimately, on discipli-
ethical and professional
nary proceedings, when nec-
conduct.
essary, against members whofail to comply with the rules.