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Lessons Learned Essay

1600 words - 7 pages

Qi Geng
ACC 522
Professor Tatum
Lessons Learned From Litigation
It’s not just clients who make mistakes, auditors also make fatal errors that directly or indirectly “contributes’ to the “death” of their client companies. Internal audit failures, most of the time, are due to reasons that easily could have been prevented during audit planning. These reasons could be not setting aside enough time to adequately plan the audit, not involving the client or failing to put together appropriate team members, etc. How can auditors to more effectively detect financial statement fraud? One of the best ways is to “profit” from the mistakes of others. The following is a list ...view middle of the document...

Christopher Craib replaced Maria as the audit manager assigned to the Livent’s audit engagement team. But he was then hired by Livent as senior controller for budgeting. The personal relationships the Deloitte auditors had with Maria and Craib may have impaired their objectivity during the Livent engagements. According to ET Section 101 paragraph 4, “A firm's independence will be considered to be impaired with respect to a client if a partner or professional employee leaves the firm and is subsequently employed by or associated with that client in a key position”.

Due professional care and Professional Skepticm (AU-C 200 and AU-C 240, AU section 150 and AU section 230)
Definition: an attitude that includes a questioning mind, being alert to conditions that may indicate possible misstatement due to fraud or error, and a critical assessment of audit evidence.
AU-C 240 Consideration of Fraud in Financial Statement Audit
.08 GAAS requires that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit, and among other things.
.17 the auditor should plan and perform an audit with professional skepticism, recognizing that circumstances may exist that cause the financial statements to be materially misstated.
AU-C 240 Consideration of Fraud in a Financial Statement Audit
.12 the auditor should maintain professional skeptism throughout the audit, recognizing the possibility that a material misstatement due to fraud could exist, notwithstanding the auditor’s past experience of the honesty and integrity of the entity’s management and those charged with governance.
.13-.014 the auditor may accept records and documents as genuine unless…

AU Section 150
.02 General Standards
3. Due professional care is to be exercised in the performance of the audit and the preparation of the report.
AU section 230
.02 This standard requires the independent auditor to plan and perform his or her work with due professional care. Due professional care imposes a responsibility upon each professional within an independent auditor's organization to observe the standards of fieldwork and reporting.
.07 Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence. The auditor uses the knowledge, skill, and ability called for by the profession of public accounting to diligently perform, in good faith and with integrity, the gathering and objective evaluation of evidence.

Due care and professional skepticism comes hand in hand. In the case of ZZZZ Best, George Greenspan, the sole practitioner of the auditing firm of ZZZ Best made the decision to confirm ZZZZ Best’s major insurance restoration contracts, which is made, according to himself, under careful and thorough audit of the firm. However, the reality is that ZZZZ Best has been using phony insurance...

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