User Account

All Pages

How ernst young motivation to destroy the audit work

Assignment Help Accounting Basics
Reference no: EM131063733

Read the case study titled Nextcard, Inc. Write a four to five (4-5) page paper in which you:

1. Given PCAOB oversight of accounting firms and the AICPA Code of Conduct, discuss whether or not you believe that public accounting firms can successfully manipulate audit work papers and records of clients engaged in fraudulent activity.

2. Analyze the fraud risk factors presented during the 2000 Nextcard audit and how each should have impacted the audit procedures.

3. In the Nextcard case, discuss how Ernst Young motivation to destroy the audit work papers reconciles with its obligation to provide assurances to financial investors.

4. Assume the role of Oliver Flanagan in the case. Identify the actions you would have taken when Robert Trauger asked you to help him alter the 2000 Nextcard audit work papers. In answering this question, discuss alternative courses of action available to you.

5. Search the Internet for a public accounting firm that recently destroyed audit evidence related to a client. Identify the public accounting firm and evaluate the punishment that the firm received for the Professional Code of Conduct violation. Evaluate the severity of the punishment to determine whether you agree or disagree with the severity.

Reference no: EM131063733

Questions Cloud

Determine the key characteristics of the users : Determine the key characteristics of the users of the products and/or services of the health care provider you selected. Analyze the competitive environment of the health care provider you selected and recommend a course of action for strategic mar..
Discussion on the corporate governance statement : You should use some basic information such in this report such as: A description of the core business of the company including full details of its operating activities. A discussion on any significant issues emerging from the Directors' Report. A dis..
Factors of production are collectively owned and directed : Economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society where everyone works collectively for the common good is generally referred to as?
Estimated that the operating cash flows : A company is considering a 6-year project that requires an initial outlay of $21,000. The project engineer has estimated that the operating cash flows will be $4,000 in year 1, $5,000 in year 2, $7,000 in year 3, $7,000 in year 4, $7,000 in year 5, a..
How ernst young motivation to destroy the audit work : Assume the role of Oliver Flanagan in the case. Identify the actions you would have taken when Robert Trauger asked you to help him alter the 2000 Nextcard audit work papers. In answering this question, discuss alternative courses of action availa..
Encourage additional spending on education : To encourage additional spending on education by local school districts, the state government plans to offer aid. All families are alike in district X and these families determine the amount of money spent on education and on all other programs.
Requires an initial installed equipment cost : A company is considering a 3-year project that requires an initial installed equipment cost of $16,000. The project engineer has estimated that the operating cash flows will be $3,000 in year 1, $7,000 in year 2, and $9,000 in year 3. If the tax rate..
Discuss the meaning of the unique representations : Discuss the meaning of the unique representations of form that the artists created throughout the periods that we've examined. Were there instances in which the representation of the human form was more than just an image of what the artist saw?
Mayor to construct recreational facility : The Townsville City Council is considering a proposal by the mayor to construct a recreational facility at a cost of $1.0 million. The facility is expected to have a useful life of 30 years during which operating costs are expected to average $100,00..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  What is the stock price eps pe ratio and total equity value

a corporation is evaluating an extra dividend versus an open market share repurchase. in either case 16000 would be

  The estimated service life of a machine

Explain the accounting treatment required when a change is made to the estimated service life of a machine.

  There was no prior service cost and a negligible net loss

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2011.

  Prepare a predistribution plan as a guide for the cash

Prepare a predistribution plan as a guide for the distribution of cash. For how much must the noncash assets be sold for M to receive a minimum of his current capital balance?

  What would be the entry to record this transaction

A sales invoice totaling $3,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23, what would be the entry to record this transaction?

  Problem regarding correction of errors

(a) Determine corrected net incomes for 2009, 2010, and 2011. (b) Give the entry to bring the books of the company up to date in 2012, assuming that the books have been closed for 2011.

  Can someone point me where to find how to do this ive tried

can someone point me where to find how to do this? ive tried the book and web... suppose today is january 1 2012. using

  Dillman plan to carry on the business

He contends that he has a claim for a salary of $25,000 for each year because he devoted all of his time for three years to the affairs of the partnership. Is his claim valid? Why or why not?

  Glaser health products of ranier falls georgia is organized

glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and

  Revenue principle statement

The revenue principle states that revenue shall be recognized at a point when

  Use the following accounts and information to prepare in

use the following accounts and information to prepare in good form an income statement statement of retained earnings

  Deduction for organizational expenses

Assume Coral Corporation makes an appropriate and timely election under § 248. What is Coral's deduction for organizational expenditures for 2010?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd