Question: Refer to the Auditing in Practice feature Weaknesses in Substantive Procedures Related to Cash: Evidence from PCAOB Disciplinary Proceedings. Locate each of the PCAOB releases

Refer to the Auditing in Practice feature “Weaknesses in Substantive Procedures Related to Cash: Evidence from PCAOB Disciplinary Proceedings.” Locate each of the PCAOB releases on the PCAOB’s Web site.
a. Briefly summarize the other audit deficiencies outlined in these releases.
b. Comment on the punishments that the auditors received and the ethical implications of the auditors’ actions.

Step by Step Solution

★★★★★

3.41 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Audit Deficiencies for Jaspters Hall The Force Protection Audit Failure to confirm the existence of cash Failure to evaluate the classification of deferred revenue which represented a continuing failu... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

330-B-A-A-B-R (1263).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Refer to the Auditing in Practice feature Should I Work for a Large or a Small Audit Firm? Compare and contrast the workplace environments at larger versus smaller audit firms. Explain which type of...

Refer to the Auditing in Practice feature What is Professional Judgment? Describe what is meant by the term professional judgment. Explain why documentation is critical to professional judgment.

Refer to the Auditing in Practice feature "Risks Associated with Sales Returns: The Case of Medicis and Ernst & Young." What problems can occur if controls related to sales returns and allowances are...

"PCAOB Inspection Reports for KPMG" is an excellent topic. Summarize 3 reports - 2010, 2012 & 2014.At least 6 references are needed - 3 academic & 3 practitioner (short articles).Please follow the...

Please explain quality control of this case and provide examples please. Thank you so much! CASE 1.7 Navistar International Corporation Cyrus McCormick revolutionized American agriculture in the...

***READ THIS FIRST*** I need the questions for Part 1 AND Part 2 answered for this case study. The answers must be well-written, detailed, and must answer each question fully with examples from the...

A randomized trial of clinically obese women examined the efficacy and safely of a partial meal replacement diet using nutritionally fortified meal-replacement shakes. Fourteen clinically obese women...

15 - What is (are) the function(s) of the coupling capacitors C1 and C2 in an FET circuit? Choose one of the options: a. to create an open circuit for dc analysis b. to isolate the dc biasing...

The total manufacturing cost variance is the flexible budget variance plas the time variance b . the difference between planned costs and standard conts for the units produced c . the difference...

Evaluates the organizational restructures resulting from the use of SOA as a part of the Collaborate Business Process Engineering (CBPE) model.

Internal auditing is defined as an objective assurance and consulting activity. Required a. What is an assurance service? How does an assurance service differ from an attestation service? b. Under...

Internal auditing is defined as contributing to the effectiveness of an organizations governance processes. Required a. Explain how an internal audit might contribute to the effectiveness of...

Internal auditing is an independent objective assurance and consulting activity. Required a. Differentiate between independence and objectivity. b. Can the internal auditor attain the same level of...

Kramerica Industires plans to introduce a new product to the market. Last week, Kramerica hired a marketing firm to develop a TV ad for the product. The marketing firm will develop the ad regardless...

Blossom Corp, issued a five-year bond one year ago with a coupon rate of 5.5 percent. The bond pays interest semiannually. If the yiel to maturity on this bond is 12 percent, what is the price of the...

Use the horizontal model or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at issick Co. a, issued 220,000 shares of...