Enron

Alla Khodzhandiev ACC 723 September 1, 2012 Case 1.1 1) The following parties were responsible for the Enron crisis: a. Anderson canvas toilsome for non realizing that the notes receivables were not supposed to be reported in the assets section. The firm shouldve been aware of the proper categorization. b. caution of Enron was to blame for not properly presenting financial statements. Lay, Skilling and Fastow shouldve been more concerned with the integrity of their company. 2) offend to Section 201 of SOA, the three out of nine consulting services that get a line firms are prohibited from providing for thickenings that are public companies are: a. focus or human resource functions: completely takes away the scrutiniseors independence, it creates a conflict of interest and will lead to cut corners as an listener to make a name for himself or herself as a manager. b. Internal examineing outsourcing services: will require to scrutinize their own work and i f certain discretions werent found by the internal attendee might be overlooked the routine time around. Therefore should be done by a second person. c. Legal services and expert services nonmaterial to the audit: The idea of lawsuits and other legal action brought against the guest will disturb the auditors perspective.

3) 4) According to the PCAOB audit documentation standards the key requirements regarding the preparation and retention of workpapers are: The auditor should prepare documentation in connection with a special(a) review of interim financial information. The papers should be intentional to have-to doe with the circumstances of the particular engagem! ent. Should include any momentous findings or issues and be clearly understood and interpreted by its users. The workpapers decease to the audit firm. 5) a. The audit committee must pre- clear wholly services provided by the auditor (section 202). b. Institutions should require a whirling of the lead partner every seven long time with at timeout of two years...If you want to get a broad(a) essay, erect it on our website: BestEssayCheap.com

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