ACC 562 Assignment
1: Nextcard, Inc.
A Graded Assignment
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Due
Week 3 and worth 280 points
Read
the case study titled ―Nextcard, Inc.‖ prior to doing this assignment. Write a
four to five (4-5) page paper in which you:
1.
Given
PCAOB oversight of accounting firms and the AICPA Code of Conduct, discuss
whether or not you believe that public accounting firms can successfully
manipulate audit work papers and records of clients engaged in fraudulent
activity.
2.
Analyze
the fraud risk factors presented during the 2000 Nextcard audit and how each
should have impacted the audit procedures.
3.
In
the Nextcard case, discuss how Ernst & Young’s motivation to destroy the
audit work papers reconciles with its obligation to provide assurances to
financial investors.
4.
Assume
the role of Oliver Flanagan in the case. Identify the actions you would have
taken when Robert Trauger asked you to help him alter the 2000 Nextcard audit
work papers. In answering this question, discuss alternative courses of action
available to you.
5.
Search
the Internet for a public accounting firm that recently destroyed audit
evidence related to a client. Identify the public accounting firm and evaluate
the punishment that the firm received for the Professional Code of Conduct
violation. Evaluate the severity of the punishment to determine whether you
agree or disagree with the severity.
6.
Use
at least three (3) quality resources in this assignment.
Your
assignment must follow these formatting requirements:
·
Be
typed, double spaced, using Times New Roman font (size 12), with one-inch
margins on all sides; citations and references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
·
Include
a cover page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the
reference page are not included in the required assignment page length.
The specific course learning outcomes
associated with this assignment are:
·
Analyze
the process and regulatory requirements for professional ethical decision
making.
·
Use
technology and information resources to research issues in auditing.
·
Write
clearly and concisely about auditing using proper writing mechanics.
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