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2008 Schweser QuickSheet: Critical Concepts for Exam

Maximize your research time whereas reviewing the an important innovations with this well-organized, laminated reference sheet that includes: * an important thoughts * Topical assurance * specific graphs * Key formulation

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A short summary of this is that Andersen engaged in practices that (in the short run) earned large profits, at the expense of investors. The list of faulty audits is long, and includes most notably Waste Management and Enron. The SEC’s conclusion in the former case was the following: Through its partners, Andersen knew or was reckless in not knowing that the audit reports y were materially false and misleading. Andersen knew or was reckless in not knowing that (a) the Company’s financial statements were not presented in conformity with GAAP and (b) the Firm’s audits of those financial statements were not conducted in accordance with GAAS.

2004a). Report on 2003 Limited Inspection of Deloitte & Touche LLP Issued by the Public Company Accounting Oversight Board, PCAOB RELEASE NO. 104-2004-002 (August 26). Washington, DC: Public Companies Accounting Oversight Board. PCAOB. (2004b). Report on 2003 Limited Inspection of Ernst & Young LLP Issued by the Public Company Accounting Oversight Board, PCAOB RELEASE NO. 104-2004-003 (August 26). Washington, DC: Public Companies Accounting Oversight Board. PCAOB. (2004c). Report on 2003 Limited Inspection of KPMG, LLP Issued by the Public Company Accounting Oversight Board, PCAOB RELEASE NO.

03, a member is supposed to ‘‘consult’’ his or her integrity only when the rules fail to give a clear answer. Even worse from the point of view of acting with integrity, it appears to require (or at least does not forbid) following a clear rule, even when the result would constitute a violation of ‘‘the spirit of technical and ethical standards’’, and a violation of one’s integrity. In order to be in accordance with the principle of acting with integrity, Sec. 03 should say something like the following: Integrity requires a member to observe both the form and the spirit of technical and ethical standards; circumvention of those standards constitutes subordination of judgment.

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