ACC 562 Week 3 Assignment 1 – Nextcard, Inc
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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