Read the case study titled “North Face” prior to doing this assignment. Write a four to five (4-5) page paper in which you: The SEC sanctioned Richard Fiedelman for failing to document the changes that his subordinates had made in 1997 North Face work papers and for failing to exercise due professional care. Explain the SEC’s rationale in making each of these allegations. Take a position on the severity of the SEC’s punishment of Richard Fiedelman of a three-year suspension on being involved in the audits of SEC clients. Support your position. Assume that you are an audit manager in a public ACCOUNTING FIRM. The engagement partner asks you to modify client work papers after the financial statements and opinion has been issued. Determine what you would do in this situation. Provide your rationale. Evaluate the practice of “materiality” used by public ACCOUNTING FIRMS and how accounting firms should address it with clients. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss whether auditors have a responsibility to assess the quality of the key decisions made by client executives. Defend your answer. Use at least three (3) quality resources in this assignment. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page a



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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.

 

Your assignment must follow these formatting requirements:

 

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.



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