Auditing

Use a 138 words for each

1. Use the Internet to research a publicly traded company that received an unqualified audit report from external auditors and faced accusations of reporting false or misleading accounting information.

·         Discuss the departures from generally accepted accounting principles (GAAP) that you have researched, and give your opinion as to whether or not the Public Company Accounting Oversight Board (PCAOB) should levy sanctions against the CPA firm for issuing the unqualified report.

2. Use the Internet or visit the U.S. Securities and Exchange Commission website at SEC.gov | Home to research at least two sanctions levied against companies that have violated general accounting principles.

·         Briefly analyze whether or not investors who were misled by relying on financial statements could hold the audit firm liable for audit failure either by common or securities laws.

·         Provide a rationale for your response.

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