auditing task

Project Description:

5-24 (objective 5-4) ward & east, cpas, were the auditors of southern development, inc., the real estate company that owed several shopping centers. it was southern’s practice to let each shopping center manager negotiate that center’s leases; they thought that such an arrangement resulted in much better leases because a local person did the negotiating.

two of the center managers were killed in a plane accident returning home from a company meeting at the head office in phoenix. in both cases, the new managers appointed to take their places discovered kickback schemes in operation; the managers had negotiated lower rents than normal in return for kickbacks from the tenants.

southern brought in a new cpa firm, jasper & co., to investigate the extent of the fraud at those two locations and the possibility of similar frauds at other centers. jasper & co. completed their investigation and found that four locations were involved quite independently of each other and that the total loss 5 years was more than $1 million. southern sued ward& east for negligence for $1milion plus interest.

what defense will ward&east use? what will they have to prove?
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Project Stats:

Price Type: Negotiable

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