PTL Club—The Harbinger of Things to Come? C5
PTL Club—The Harbinger of Things to Come?
The PTL scandal is a picture-perfect, suitable-for—framing example of
how auditors with a modicum of skepticism and alertness could have
been heroes instead of goats. P
AUD HW 12.31- 12.44
12.31 Auditors found that the entity has not capitalized a material amount of leases in the financial
Statements. When considering the materiality of this departure from GAAP, the auditors would choose
between which reporting o
2.28 One of an accounting firms basic objectives is to provide professional services that conform to
professional standards. Reasonable assurance of achieving this objective can be obtained by following
a. Generally accepted auditing standards.