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Assessment tasks:
This assignment requires you to revisit the case of the collapse of US energy giant Enron Ltd. Your revisit starts with a reading of the excerpts from memos written by Enron executive Sherron Watkins and delivered to Enron Chairman Ken Lay outlining the accounting irregularities at Enron just before its demise. Carefully read the excerpts of the memos titled, "Dear Mr. Lay" provided by your lecturer. This set of memos capture the essence of some of the accounting and business anomalies that were taking place at Enron before its collapse.
Required:
Conduct your own research on the events leading to the collapse of Enron and identify the series of questionable business deals by Enron, in particular, between Enron and Raptor, and between Enron and Condor. How those deals were accounted for in the financial statements?
Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r
advantage and disadvantage of joint auditor?
Recognize the Related Parties The auditor should review information provided through the management and directors recognize the names of all identified related parties and sho
Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a
Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA
Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve
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