Threaded Discussion

Instruction

Discussions: This class will generate many interesting discussions. Participate as much as you can, but at least on three separate days per week. Feel free to share personal experiences. Post recent articles and tell us about them. Let's have fun with the discussions!

I wanted to make sure you are aware of Keller's policy on Academic Integrity violations. For the student's first offense, the penalty for an Academic Integrity violation in a graduate course is a zero for the course (not just for the assignment, quiz or exam).

Question 1

SAS 99 stresses the auditor's exercise of professional skepticism when considering the risk of material misstatement due to fraud. It also expands audit planning to include discussions, such as "brainstorming," among audit team members about potential fraud. Auditors must now extend their interviews of management to include the audit committee, internal audit personnel, and others such as employees outside the financial reporting process. SAS 99 also requires the auditor to perform tests that would be unexpected by the client. Finally, it requires the auditor to perform tasks in order to determine the risk of management override of controls.
Class what you think about the following statement.

Accountants should adopt a healthy skepticism in reading and evaluating financial reports?

Question 2

What is the most common response to the discovery of fraud in an organization?

Question 3

Whistle-blowing could stop something which is about to happen or will continue happening. It does matter whether whistle-blowing can change the future and it does matter how important those changes are in the lives of those in peril.
Class, In your opinion, what are the public expectations of the accounting profession's ethical behavior?

Question 4

What are some of the main points of SAS No.99?