ACC 562 WK 3 Assignment 1 – Nextcard,
Inc
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ACC 562 WK 3 Assignment 1 – Nextcard, Inc
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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