Refer to the Professional Judgment in Context feature "Deficiencies in Auditing Debt Obligations and Stockholders' Equity Accounts: Insights from SEC Releases" and review the panel related to Federico Quinto, Jr., CPA. Obtain a copy of the SEC Auditing and Enforcement Release related to this case (AAER 3403, August 31, 2012). How does the AAER describe Quinto's failure to act with due professional care and failure to maintain an attitude of appropriate professional skepticism? What sanctions were imposed on Quinto; do these sanctions seem appropriate?
Answer to relevant QuestionsLocate and read the article listed below and answer the following questions.Menon, K. and D. D. Williams. 2010. Investor reaction to going concern audit reports. The Accounting Review (85) 6: 2075–2105.a. What is the issue ...What type of audit approach is typically planned for debt obligations? Why is this most often the most appropriate approach?TRUE-FALSE QUESTIONS1. The going-concern evaluation is based on information obtained from normal audit procedures performed to test management's assertions; no separate procedures are required, unless the auditor believes ...Why should the auditor exercise heightened professional skepticism concerning accounting estimates? What key factors and assumptions should the auditor consider in evaluating the reasonableness of an estimate?What are the implications if management refuses to sign a management representation letter? If management signs a management representation letter, is that a good indication that all of management's statements described in ...
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