acc562 week 1 discussion 2

Acc562 week 1 - Based on your analysis of the Gemstar-TV Guide International case study respond to each of the discussion points The SEC charged

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Based on your analysis of the “Gemstar-TV Guide International” case study, respond to each of the discussion points: The SEC charged KPMG with “repeated audit failures” in this case. Identify the general conditions, specific circumstances, and other factors that are common causes of, or, at a minimum, commonly associated with “audit failures”. Discuss Henry Yuen’s assertion that a business person who is complying with all applicable laws and regulations is, by definition, behaving “ethically.” The general conditions, circumstances, and other factors that are commonly associated with "audit failures" are as follows: 1. Lack of professional skepticism SAS No.99 specifies that auditors must explicitly consider the potential that fraud exists in the financial statement by discussion among the audit team. Auditors need to strive to maintain a healthy level of skepticism, which keeps them alert to potential misstatements, so that they can recognize misstatements why they exist. That is, a transaction that appears to have an unusual or
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This note was uploaded on 02/01/2012 for the course ACCT ACC562 taught by Professor Williamguy during the Fall '10 term at Strayer.

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Acc562 week 1 - Based on your analysis of the Gemstar-TV Guide International case study respond to each of the discussion points The SEC charged

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