Obtain a copy of the PCAOBs enforcement Release No. 105-2017-028 (May 24, 2017), with respect to the
Question:
Obtain a copy of the PCAOB’s enforcement Release No. 105-2017-028 (May 24, 2017), with respect to the matter of W.T. Uniack CPA and the audit of Bravo Multinational incorporated. To find it, go to the PCAOB website, look under “Enforcement” and “Settled Disciplinary Orders.”
a. While we often think of client management as committing fraud, is it possible that auditors commit fraud by neglecting their professional duties?
b. How did William Uniack, CPA, neglect his professional duties?
c. Auditing firms heavily rely on their reputation to attract clients. Why might Bravo Multinational Incorporated have sought to purchase the auditing services of W.T. Uniack CPA? What does it mean to perform a “sham audit”?
Step by Step Answer:
Auditing A Risk Based-Approach
ISBN: 978-1337619455
11th Edition
Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg