The Enron Case has been provided to you to read. Do not answer the questions...
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Accounting
The Enron Case has been provided to you to read. Do not answer the questions provided at the end of the reading. After reading part 1 and 2 of the case, answer the following questions:
- Based on the auditing standards we learned about in the beginning of class:
- What GAAS standards do you think were violated by Andersens involvement?
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- What key requirements are included in the standards regarding preparation, retention, and ownership of audit work papers?
- Do auditors have any responsibilities in regard to quarterly financial statements, and in your opinion should these statements be audited?
- Enron caused significant changes in the auditing profession. What was implemented and what changes occurred to the auditing profession due to this scandal? What still could be done to improve the quality of financial statement audits?
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