Audit - Laura Mickum Natalie Simons Leo R. Beus article,...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Laura Mickum Natalie Simons Leo R. Beus article, “Failed audits are no basis for protective legislation” presents evidence on how Price Waterhouse violated virtually all of the general and Field work Standards in their audit of Standard Chartered Bank. The following shows the standards that were violated and the evidence supporting those violations. General Standards violated: 1. The auditor must have technical training and proficiency to perform the audit. a. Price Waterhouse used inexperience staff auditors with insuffient training or supervision to evaluate the collectability of the banks major loans. b. “The unseasoned and unsupervised staff auditors did not know how to analyze a borrower’s financial condition, did not know how to access whether a loan had been properly approved and failed to perform any critical review to determine if loans were collectable.” c. The “Staff Member in Charge” was only recently out of school and not a certified public accountant yet. She testified that she was confused
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/12/2010 for the course RELIGION 309 taught by Professor Murray during the Spring '10 term at Central Texas College.

Page1 / 2

Audit - Laura Mickum Natalie Simons Leo R. Beus article,...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online