accounting fraud and auditor legal liability
c a S eS inc lu de d in t hiS Se ction
4.1 Enron Corporation and Andersen, LLP
Analyzing the Fall of Two Giants
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4.2 Comptronix Corporation 4.3 Cendant Corporation
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14-1. Audits of acquisitions and mergers are considered risky for the following reasons:
• it is often difficult to obtain objective evidence on the proper valuation of physical assets and liabilities acquired in the audit; for example appraisals of plant and equipment, or current value...
Solutions for Chapter 5
Internal Control over Financial Reporting
5-1. Controls must emanate from the intent of owners and creditors of an organization to protect the resources entrusted to an organization. The stockholders give the board of directors power to delegate responsibilities...
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3.1 A Day in the Life of Brent Dorsey
Staff Auditor Professional Pressures
59 63 65 71 79
3.2 Nathan Johnson’s Rental Car Reimbursement
Solving Ethical Dilemmas–Should He Pocket the Cash? Recognizing It’s a Fraud and Evaluating What to Do
. . . . . .
3.3 The Anonymous Caller 3.4...
AUDIT PLANNING AND ANALYTICAL PROCEDURES
THE FALL OF ENRON: DID ANYONE UNDERSTAND THEIR BUSINESS?
After studying this chapter, you should be able to
8-1 Discuss why adequate audit planning is essential. Make client acceptance decisions and perform initial audit planning...
p40-47 Enron 101
p40-47 Enron 101
The fall of a global corporation is a textbook case of management failure—and business professors are hurrying to incorporate the lessons of Enron into their own classrooms. Here, professors from...
Solutions for Chapter 7
Audit Evidence: A Framework
7-1. Audit evidence is all the information used by auditors in arriving at the conclusions on which the audit opinion is based. The basic sources of evidence are knowledge of the business and industry, analytical procedures...
The Enron Collapse
By: Jeff Porter Kevin Clark Jared Sabelhaus
February 18, 2005
Introduction Companies have mission statements that often read like inspirational leaflets. Enron’s mission was at first to be the world’s greatest energy company then later revised in early 2001 to be the “world’s...
Journal of Accounting and Public Policy 21 (2002) 105–127 www.elsevier.com/locate/jaccpubpol
Enron: what happened and what we can learn from it
George J. Benston *, Al L. Hartgraves
Goizueta Business School, Emory University, 1300 Clifton Road, Atlanta, GA 30322-2710, USA
Abstract Enron’s accounting...
chapter you will  Understand why studying auditing can be valuable to you and why it is different from studying accounting.  Be able to explain why there is a demand for auditing and assurance.  Understand intuitively the demand for auditing and the desired characteristics of auditors and audit...
1 What Is Auditing?
2 The Audit Planning Process: Understanding the Risk of Material Misstatement
3 Internal Controls
4 Auditing the Revenue Business Process
5 Audit Evidence and the Auditor’s Responsibility for Fraud Detection
American Economic Association
The Fall of Enron Author(s): Paul M. Healy and Krishna G. Palepu Source: The Journal of Economic Perspectives, Vol. 17, No. 2 (Spring, 2003), pp. 3-26 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/3216854 Accessed: 03/12/2010 23:09
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1. Adsteam Adonist@gmx.de, email@example.com
was a very model of conglomerate(jujie). In the eyes of the outside, it was a successful company. But it's not true. It’s far from other companies in its complex structure. Adsteam group comprised numerous less-than-majority-owned...
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Arthur Anderson and Enron: Jan 21, 2002
Enron: The Smartest Guys in the Room
Houston Natural Gas Corporation and Inter north Inc. merged in 1985 to form Enron Corporation. Since its conception, Enron has distinguished itself as an innovative, prominent leader...
written by Gendron and Spira (2010) examines the impact of individuals trying to maintain their own identity when confronted with threatening and stressful events and discusses the way in which people define auditors and how they conduct their business.
The article examines people’s behaviour after Andersen’s...
independent examination of, and the subsequent expression of opinion on, the financial statements of an organization. This involves the auditor in collecting evidence by means of compliance tests (tests of control) and substantive tests (tests of detail).
GAAS ( generally accepted auditing standards):...