Description
Emerging Auditing Issues Overview Search the Strayer databases or Internet for hot topics and emerging issues of financial statement fraud and other fraudulent acts committed by publicly traded companies, including those identified by the PCAOB. Consider the topics, trends, and longevity of those issues identified. Instructions Write a 6–8 page paper in which you: Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statements for the public users of the information. Provide support for the position. Assess the impact of the PCAOB on the accounting profession, given the shift from self-regulation to federal regulation. Provide a rationale for the assessment. Evaluate whether the PCAOB should issue additional regulations regarding the responsibility for corporate officers and auditors of financial statements, indicating the resulting impact to financial statement integrity. Provide support for the rationale. Determine the impact that SOX regulation has on the internal control environment. Speculate on the level of testing necessary to provide assurance of completeness and accuracy for CEOs to certify the company’s financial statements. Provide support for the rationale. Assess how the system design life cycle model would impact the emerging issue. Provide support for the rationale. Recommend a strategy for dealing with the emerging issue and determine the types of fraud schemes that might go undetected if recommendations are not implemented. Provide support for the recommendation. Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. The specific course learning outcome associated with this assignment is: Evaluate the effectiveness of federal regulations within the accounting field including a strategy to address emerging issues.