The  Securities and Exchange Commission (SEC) regulates public companies.  The SEC has found that some of these companies have violated GAAP by  using creative accounting practices to mislead investors and creditors  regarding the health of their company.
  Use the Internet or Strayer Library to research a recent accounting  scandal within the last five (5) years where the SEC accused public  companies of accounting irregularities.
Write a three to four (3-4) page paper in which you:

Analyze  the audit report that the CPA firm issued. Ascertain the legal  liability to third parties who relied on financial statements under both  common and federal securities laws. Justify your response.
Speculate  on which statement of generally acceptable auditing standards (GAAS)  that the company violated in performing the audit.
Compare  the responsibility of both management and the auditor for financial  reporting, and give your opinion as to which party should have the  greater burden. Defend your position.  
Analyze  the sanctions available under SOX, and recommend the key action(s) that  the PCAOB should take in order to hold management or the audit firm  accountable for the accounting irregularities. Provide a rationale for  your response.
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

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Your assignment must follow these formatting requirements:

This course requires use of Strayer Writing Standards (SWS).  The format is different than other Strayer University courses. Please  take a moment to review the SWS documentation for details. 
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.

The specific course learning outcomes associated with this assignment are:

Analyze the required generally accepted auditing standards, professional ethics, and legal liability of the auditor.
Assess how the Sarbanes-Oxley Act has affected auditing.
Evaluate an audit report.
Evaluate objectives for conducting audits, and compare management’s and auditors’ responsibilities.
Use technology and information resources to research issues in auditing.
Write clearly and concisely about auditing using proper writing mechanics.

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