Certified public accountants (CPAs), internal auditors, management accountants and other accounting and non‐accounting professionals rely heavily on the concept of due professional care to help assure the public that they prudently exercise their responsibilities. In turn, accountants failing...

Establishing an audit committee presumably strengthens the external auditor’s independence. Several studies have examined how audit committees affect the selection of the company’s external auditor, negotiate audit fees and enhance the auditor’s independence. But what of the independence...