PWC Audit Scandal and Fraud
EitnCajhav
Assignment_PWCAuditScandalandFraud.docxAssignment_PWC Audit Scandal and Fraud
Due: October 26, 2018 - by 06:00pm / 18:00 hrs
Read the article about Price Waterhouse Coopers (PWC) and its association with the worst accounting fraud in India related to its audit of Satyam Computer Services, Ltd. titled “Price Waterhouse Auditors Arrested in Satyam Inquiry (Update 1)” Search the Internet for other related articles.
https://www.reuters.com/article/satyam-pwcarrests/update-1-two-pwc-staff-arrested-over-satyam-indian-police-idUSBOM37324820090124
Write a six to eight (6-8) page paper in which you:
1. Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Provide support for your argument.
2. Evaluate the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Provide support for your rationale.
3. Assess whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Provide a rationale for your recommendation.
4. Analyze whether PWC neglected to sufficiently test transactions or whether it could have relied on the audit of Internal Control to limited testing in those areas, indicating any consequences related to their decision. Provide support for your conclusion.
5. Support your position for whether or not PWC met its responsibility of “Due Care” based on the requirements placed on auditors by PCAOB.
6. Suggest improvements needed to external auditing firms and the accounting profession to reduce the number of audit scandals and fraudulent activity within publically traded companies. Provide support for your suggestions.
7. Use at least five (5) quality resources in this assignment.
NOTE: Wikipedia and similar Websites do NOT qualify as quality resources.
Your assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size 12), with 1” margins on all sides; citations and references must follow APA.
· 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 various fraud schemes, determine the implications for the audit, and identify fraud detection techniques.
· Use technology and information resources to research issues in emerging auditing technologies.
· Write clearly and concisely about emerging auditing technologies using proper writing mechanics.
Assignment_
PWC Audit Scandal and Fraud
Due: October 26, 2018
-
b
y
06:00pm / 18:00 hrs
Read the article about Price Waterhouse Coopers (PWC) and its association with the
worst accounting fraud in India related to its audit of Satyam Computer Services, Ltd.
titled “Price Waterhouse Auditors Arrested in Satyam Inquiry (Update 1)”
Search the
Internet for other related articles.
https://www.reuters.com/article/satyam
-
pwcarrests/update
-
1
-
two
-
pwc
-
staff
-
arrested
-
over
-
satyam
-
indian
-
police
-
idUSBOM37324820090124
Write a six to eight (6
-
8) page paper in which you:
1.
Create an argument su
pporting that the requirements of SOX have reduced corporate
fraudulent activity due to the requirements placed on public accounting firms, thereby
providing greater assurances to public users of financial information.
Pro
vide support
for your argument.
2.
E
valuate the issues related to the audit of Satyam Computer Services Limited,
indicating whether or not PWC followed auditing standards in rendering its audit opinion
of the company.
Prov
ide support for your rationale
.
3.
Assess whether PWC relied too heavily
on the established system of internal controls
and neglected to perform sufficient testing of transactions using effective computer
-
aided audit tools.
Provide a rat
ionale for your recommendation
.
4.
Analyze whether PWC neglected to sufficiently test transac
tions or whether it could
have relied on the audit of Internal Control to limited testing in those areas, indicating
any consequences related to their decision.
Provi
de support for your conclusion
.
5.
Support your position for whether or not PWC met its resp
onsibility of “
Due Care
” based
on the requirements placed on auditors by PCAOB.
6.
Suggest improvements needed to external auditing firms and the accounting profession
to reduce the number of audit scandals and fraudulent activity within publically traded
com
panies.
Provid
e support for your suggestions
.
7.
Use at least five
(
5
) quality resources in this assignment.
NOTE:
Wikipedia and similar Websites do
NOT
qualify as quality resources.
Your assignment must follow these formatting requirements:
·
Be typed, doub
le spaced, using Times New Roman font (size 12), with
1
”
margins
on all sides; citations and references must follow APA
.
Assignment_PWC Audit Scandal and Fraud
Due: October 26, 2018 - by 06:00pm / 18:00 hrs
Read the article about Price Waterhouse Coopers (PWC) and its association with the
worst accounting fraud in India related to its audit of Satyam Computer Services, Ltd.
titled “Price Waterhouse Auditors Arrested in Satyam Inquiry (Update 1)” Search the
Internet for other related articles.
https://www.reuters.com/article/satyam-pwcarrests/update-1-two-pwc-staff-arrested-
over-satyam-indian-police-idUSBOM37324820090124
Write a six to eight (6-8) page paper in which you:
1. Create an argument supporting that the requirements of SOX have reduced corporate
fraudulent activity due to the requirements placed on public accounting firms, thereby
providing greater assurances to public users of financial information. Provide support
for your argument.
2. Evaluate the issues related to the audit of Satyam Computer Services Limited,
indicating whether or not PWC followed auditing standards in rendering its audit opinion
of the company. Provide support for your rationale.
3. Assess whether PWC relied too heavily on the established system of internal controls
and neglected to perform sufficient testing of transactions using effective computer-
aided audit tools. Provide a rationale for your recommendation.
4. Analyze whether PWC neglected to sufficiently test transactions or whether it could
have relied on the audit of Internal Control to limited testing in those areas, indicating
any consequences related to their decision. Provide support for your conclusion.
5. Support your position for whether or not PWC met its responsibility of “Due Care” based
on the requirements placed on auditors by PCAOB.
6. Suggest improvements needed to external auditing firms and the accounting profession
to reduce the number of audit scandals and fraudulent activity within publically traded
companies. Provide support for your suggestions.
7. Use at least five (5) quality resources in this assignment.
NOTE: Wikipedia and similar Websites do NOT qualify as quality resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with 1” margins
on all sides; citations and references must follow APA.
