Do you believe that there has been a significant shift or evolution over the past several decades in the concept of “professionalism” as it relates to the public accounting discipline? If so, explain how you believe that concept has changed or evolved over that time frame and identify the key factors responsible for any apparent changes.
Answer to relevant QuestionsAs pointed out in this case, the SEC does not require public companies to have their quarterly financial statements audited. What responsibilities, if any, do audit firms have with regard to the quarterly financial ...Lehman’s net leverage ratio was not reported within the company’s audited financial statements but rather in the company’s financial highlights table and MD&A section of its annual report. What responsibility, if any, ...Prepare a comprehensive list, in a bullet format, of the audit risk factors present for the 1998 Just for Feet audit. Identify the five audit risk factors that you believe were most critical to the successful completion of ...The PSLRA requires auditors to report to the SEC illegal acts “that would have a material effect” on a client’s financial statements, assuming client management refuses to do so. Briefly describe three hypothetical ...Identify the key auditing principles violated by the E&Y auditors in this case. Briefly explain how each principle was violated.
Post your question