Reference no: EM132709392
Facts: You are now a supervisor at a mid-size CPA firm. You prepare the tax returns for a company called Rust & Marty, LLC DBA Yellow King "the Company". In addition, you prepare a calendar year end audit for Yellow King.
The Company is a privately owned LLC, requiring an audit for a bank they finance with and who provides the company a Line of Credit and senior debt. Marty and Rust are not related but have been friends and business partners for years.
Unfortunately, business has been bad and the company has run loses the last two years. The company will most likely file for Chapter 7 bankruptcy. As such, Rust and Marty had a falling out. Now Rust is suspicious that Marty is stealing money from the company.
Rust has personally asked our firm to perform a "forensic" analysis of the company to see whether Marty has been stealing money. During the analysis we found that Marty was running personal expenses through the company.
Problem 1: Discuss the professional standards pertaining to the tax preparation, audit and forensic services. Additionally, analyze the CPA's duties to Yellow King, Marty and Rust. Focus on the fact Yellow King is our client and we are performing services for Rust. By performing these duties has our firm violated any laws (common law and statutory) or violated our ethical duties?
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