Analysis of Audit Report and Legal Liability under Common and Federal Securities Laws

Analyzing the Audit Report and Ascertaining Legal Liability to Third Parties

The Expert can choose another company if he/she has trouble finding the information for any of those 2 companies included in the attachment. Please note, however, it has to be a company with a recent scandal - last  Or another company in the last 5 years based on Expert Choice Write a 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 accepted 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 or actions 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 the Strayer Libraryto locate at least two quality academic resources in this assignment. Note: Wikipedia and other similar websites do not qualify as academic resources. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. The specific course learning outcome associated with this assignment is: Recommend sanctions for accounting irregularities based on an audit report, auditing standards, and financial reporting responsibilities years.