In September 2012, the PCAOB issued an ORDER INSTITUTING DISCIPLINARY PROCEEDINGS, MAKING FINDINGS, AND IMPOSING SANCTIONSIn the Matter of Jewett, Schwartz, Wolfe & Associates, P.L., Respondent. See PCAOB Release No. 105-2012-004. Obtain a copy of the PCAOB release and identify and describe the audit deficiencies related to long-lived assets for the audits of Dynamic Response Group, Inc. (DRG) and Dolphin Digital Media, Inc. (DDM). What sanctions did the PCAOB impose in this case? Comment on whether you believe these sanctions were appropriate.
Answer to relevant QuestionsOn June 20, 2012, Hans Hoogervorst, chairman of the IASB, addressed the International Association for Accounting Education & Research (IAAER) conference in Amsterdam. Obtain a copy of his speech at www.ifrs.org. What ...Explain why in some audit settings relating to long-lived assets auditors may choose to perform only substantive tests of details, even though controls are designed effectively.MULTIPLE-CHOICE QUESTIONS1. Which of the following statements is true regarding preliminary analytical procedures for debt obligations and stockholders' equity transactions?a. Because there are typically only a few ...What are typical preliminary procedures related to debt obligations?The following long-term debt documentation (indexed K-l), and presented on the next page, was prepared by client personnel and audited by AA, an audit assistant, during the calendar year 2013 audit of American Widgets, Inc., ...
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