18). However, the work of auditors has been called into question by many companies as more financial difficulties and frauds have been uncovered. The case of HIH and Arthur Anderson demonstrated the need for a professional auditor whose expertise, independence and ethics are of primary concern. Deficiencies in the work of auditors can lead to serious outcomes according to stakeholders and investors. Therefore, it is necessary for all audit firms to establish a standard code of ethics along with professional expertise to meet the demands of society as professionals.