Read the documents and, on the next page, answer the following questions.
(1)Consult the PCAOB audit standards for illegal acts, which you can find at https://pcaobus.org/Standards/Auditing/Pages/AS2405.aspx. Summarize in a full paragraph the auditor’s responsibilities related to auditing for and reporting illegal acts.
(2)In reading the audit firm’s letter to the U.S. government agency, answer the following:
(a) what evidence should have the auditor’s gathered in regards to this matter
(b) based on what you know about materiality from the class and how to apply accruals and estimates to the financial statements, did the auditor make appropriate conclusions about the impact of the employees’ actions on the Company and its financial reporting?
Explain your thinking with a full paragraph each for (a) and (b).
Note that you should use your answer to question (1) as reference to answer question (2) and what you learned from our guest speaker on the topic.
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