eastman kodak

Project Description:

task 4: eastman kodak
worth 360 points
visit the website of eastman kodak at http://www.kodak.com and review the most recent financial report.
write a six to eight (6-8) page paper in which you:
1. evaluate the current financial condition of eastman kodak based on its most recent quarterly report, which can be located at http://www.kodak.com. based on your evaluation, discuss the most significant ―red flags‖ for its public accounting firm to consider.
2. assume that you are the pricewaterhousecoopers audit engagement partner and have assessed kodak as a high-risk client. explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
3. create an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhousecoopers, the public accounting firm maintains its professional independence.
4. in audits of high-risk clients, determine which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. provide your rationale.
5. analyze the risk of financial fraud at kodak and how it is most likely to be committed.
6. based on your analysis of the financial fraud risk areas, discuss the internal controls that should be implemented.
7. given kodak filing for bankruptcy, discuss the fiduciary responsibility of the audit committee and board of directors.
8. use at least four (4) quality resources in this task.
your task must follow these formatting requirements:
• be typed, double spaced, using times new roman font (size 12), with one-inch margins on all sides; citations and references must follow apa or school-specific format. check with your professor for any additional instructions.
• include a cover page containing the title of the task, the student’s name, the professor’s name, the course title, and the date. the cover page and the reference page are not included in the required task page length.
the specific course learning outcomes associated with this task are:
• analyze the requirement for the profession of auditing and the integral role that independence assurance plays within the economy.
• analyze the process and regulatory requirements for professional ethical decision making.
• analyze the critical factors of business, audit, and planning risks, and the process of managing these risks in audit engagements.
• analyze an audit framework and assessment process for evaluating the effectiveness of internal controls related to financial reporting.
• evaluate the legal environment for liability related to financial audits and the proactive activities that a professional may take to prevent litigation.
• use technology and information resources to research issues in auditing.
• write clearly and concisely about auditing using proper writing mechanics
acc 562 – tasks and rubrics
and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of
student version 1124 (1002 2-1-2012) page 15 of 27
grading for this task will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.
points: 360 task 4: eastman kodak criteria unacceptable below 70% f fair 70-79% c proficient 80-89% b exemplary 90-100% a
1. evaluate the current financial condition of eastman kodak and discuss the most significant ―red flags‖ for its public accounting firm to consider.
weight: 15%
did not submit or incompletely evaluated the current financial condition of eastman kodak and did not submit or incompletely discussed the most significant ―red flags‖ for its public accounting firm to consider.
partially evaluated the current financial condition of eastman kodak and partially discussed the most significant ―red flags‖ for its public accounting firm to consider.
satisfactorily evaluated the current financial condition of eastman kodak and satisfactorily discussed the most significant ―red flags‖ for its public accounting firm to consider.
thoroughly evaluated the current financial condition of eastman kodak and thoroughly discussed the most significant ―red flags‖ for its public accounting firm to consider.
2. explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm. weight: 10%
did not submit or incompletely explained the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
partially explained the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
satisfactorily explained the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
thoroughly explained the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
3. create an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhouse- coopers, the public accounting firm maintains its professional independence.
weight: 10%
did not submit or incompletely created an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhouse- coopers, the public accounting firm maintains its professional independence.
partially created an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhouse- coopers, the public accounting firm maintains its professional independence.
satisfactorily created an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhouse-coopers, the public accounting firm maintains its professional independence.
thoroughly created an argument to the kodak shareholders that, despite the long relationship between kodak and pricewaterhouse-coopers, the public accounting firm maintains its professional independence.
4. determine which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. provide your rationale.
weight: 10%
did not submit or incompletely determined which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. did not submit or incompletely provided your rationale.
partially determined which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. partially provided your rationale.
satisfactorily determined which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. satisfactorily provided your rationale.
thoroughly determined which requirements in the aicpa’s code of professional conduct are most likely to be breached by the auditors. thoroughly provided your rationale.
5. analyze the risk of financial fraud at kodak and how it is most likely to be
did not submit or incompletely analyzed the risk of financial fraud at
partially analyzed the risk of financial fraud at kodak and how it is most likely to be
satisfactorily analyzed the risk of financial fraud at kodak and how it is
thoroughly analyzed the risk of financial fraud at kodak and how it is most likely to
– tasks and rubrics
and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of
student version 1124 (1002 2-1-2012) page 16 of 27
committed.
weight: 15%
kodak and how it is most likely to be committed.
committed.
most likely to be committed.
be committed.
6. discuss the internal controls that should be implemented.
weight: 15%
did not submit or incompletely discussed the internal controls that should be implemented.
partially discussed the internal controls that should be implemented.
satisfactorily discussed the internal controls that should be implemented.
thoroughly discussed the internal controls that should be implemented.
7. discuss the fiduciary responsibility of the audit committee and board of directors.
weight: 10%
did not submit or incompletely discussed the fiduciary responsibility of the audit committee and board of directors.
partially discussed the fiduciary responsibility of the audit committee and board of directors.
satisfactorily discussed the fiduciary responsibility of the audit committee and board of directors.
thoroughly discussed the fiduciary responsibility of the audit committee and board of directors.
8. 4 references
weight: 5%
no references provided
does not meet the required number of references; some or all references poor quality choices.
meets number of required references; all references high quality choices.
exceeds number of required references; all references high quality choices.
9. clarity, writing mechanics, and formatting requirements
weight: 10%
more than 6 errors present
5-6 errors present
3-4 errors present
0-2 errors present
Skills Required:
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Price Type: Negotiable

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