Assignment 1: Auditors and Regulatory Oversight

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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:

  1. 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.
  2. Speculate on which
    statement of generally acceptable auditing standards (GAAS) that the
    company violated in performing the audit.
  3. 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.  
  4. 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.
  5. 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.

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