The SEC and PCAOB criticized CBN for failing to discover that Powder River did not own certain assets included in its reported oil and gas properties. How would you characterize that oversight? That is, did this oversight constitute negligence, recklessness, or fraud on the part of those auditors or none of these? Defend your answer.
Answer to relevant QuestionsPowder River relied on the expertise of a “specialist” in arriving at the estimates of its proved reserves. What responsibilities, if any, do U.S. auditing standards impose on auditors when a client has used the services ...What is the nature and purpose of a “letter of representations”? Comment on the quality or strength of the audit evidence yielded by a letter of representations.Identify and briefly describe fundamental and cost-effective internal controls that charitable organizations could implement to reduce their exposure to theft losses.Besides Woody Robinson, what other parties were at least partially responsible for the inventory losses Goodner suffered? Defend your answer.Should the SEC selectively prosecute companies, organizations, or individuals to encourage compliance with legal or professional standards? Defend your answer
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