Auditors and Regulatory Oversight
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 or Strayer Library 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:
Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; citations and references
must follow APA or school-specific format. Check with your
professor for any additional instructions.
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.
The specific course learning outcomes associated with this
assignment are:
Analyze the required generally accepted auditing standards,
professional ethics, and legal liability of the auditor.
Assess how the Sarbanes-Oxley Act has affected auditing.
Evaluate an audit report.
Evaluate objectives for conducting audits, and compare
management’s and auditors’ responsibilities.
Use technology and information resources to research issues
in auditing.
Write clearly and concisely about auditing using proper
writing mechanics.
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