ACC 562 Week 3 Assignment 1 Nextcard, Inc
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ACC 562 Week 3 Assignment 1 Nextcard, Inc
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.
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