01 Jul Auditors and Regulatory Oversight – Research Accounting Scandal and Analyze
Question Description
The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.
Use the Internet to research a recent accounting scandal within the last five (5) years where the SEC accused public companies of accounting irregularities.
Write a three to four (3-4) page paper in which you:
Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Use double spacing throughout the body of your assignment.Use a consistent 12-point font throughout your assignment submission.Use the point of view (first or third person) required by the assignment guidelines.Section headings can be used to divide different content areas. Align sectionheadings (centered) on the page, be consistent, and include at least two sectionheadings in the assignment.
Use appropriate language and be concise.Write in active voice when possible.
Include a Source List when the assignment requires research or if you cite the textbook.
Type “Sources” centered on the first line of the page.List the sources that you used in your assignment.Organize sources in a numbered list and in order of use throughout the paper. Use theoriginal number when citing a source multiple times.
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