Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
Assignment 1- Auditors and Regulatory Oversight
Professor- Cruiz Alexander
May 6, 2017
The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public’s trust. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company. One of those company’s is Weatherford international limited and Ernest and young LLP a professional services.
Analyze the Audit report
2, Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
3, Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
4, Analyze the sanctions available under SOX, and recommend the key action(s) that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response.
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