ACC541 ACC/541 Auditing a Publicly Traded Company

As a Staff I audit person assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment (SBP) reporting and special purpose entities (SPE) reporting for the company.  Research share-based payment reporting and SPE reporting using the ASC.  You can supplement the ASC with other qualifying source information.  If you do make sure it is June 2009 or later.  Some changes were made to the consolidation theory, etc. just before the codification In July 2009 and since the codification.

Write a 700- to 1,050-word executive memo as a team that includes your evaluation of SBP and SPE reporting.  Then describe what you (the student) will look for to see if the client is consistent with GAAP.  Remember, you need to know the theory and requirements for reporting to be able to check for compliance.  Consider this when you write.  In the final part of your memo, you want to discuss the accounting treatment of SBP and consolidation theory as they related to SPEs Keep the memo as brief as possible while fully exploring the issues.