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Assignment 1: Auditors and Regulatory Oversight
Due Week 4 and account 240 points
The Balance and Exchange Commission (SEC) regulates accessible companies. The SEC has begin that some of these companies accept abandoned GAAP by application artistic accounting practices to mislead investors and creditors apropos the bloom of their company.
Use the Internet or Strayer Library to analysis a contempo accounting aspersion aural the aftermost bristles (5) years area the SEC accused accessible companies of accounting irregularities.
Write a three to four (3-4) folio cardboard in which you:
Analyze the analysis address that the CPA close issued. Ascertain the acknowledged accountability to third parties who relied on banking statements beneath both accustomed and federal balance laws. Justify your response.
Speculate on which account of about adequate auditing standards (GAAS) that the aggregation abandoned in assuming the audit.
Compare the albatross of both administration and the accountant for banking reporting, and accord your assessment as to which affair should accept the greater burden. Defend your position.
Analyze the sanctions accessible beneath SOX, and acclaim the key action(s) that the PCAOB should booty in adjustment to authority administration or the analysis close answerable for the accounting irregularities. Provide a account for your response.
Use at atomic two (2) affection bookish assets in this assignment. Note: Wikipedia and alternative Websites do not authorize as bookish resources.
Your appointment charge chase these formatting requirements:
Be typed, bifold spaced, application Times New Roman chantry (size 12), with one-inch margins on all sides; citations and references charge chase APA or school-specific format. Check with your assistant for any added instructions.
Include a awning folio absolute the appellation of the assignment, the student’s name, the professor’s name, the advance title, and the date. The awning folio and the advertence folio are not included in the appropriate appointment folio length.
The specific advance acquirements outcomes associated with this appointment are:
Analyze the appropriate about accustomed auditing standards, able ethics, and acknowledged accountability of the auditor.
Assess how the Sarbanes-Oxley Act has afflicted auditing.
Evaluate an analysis report.
Evaluate objectives for administering audits, and analyze management’s and auditors’ responsibilities.
Use technology and advice assets to analysis issues in auditing.
Write acutely and concisely about auditing application able autograph mechanics.
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