Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.

Assignment 1- Auditors and Regulatory Oversight

Mihiret Nigussie


Professor- Cruiz Alexander

May 6, 2017

The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public’s trust. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company. One of those company’s is Weatherford international limited and Ernest and young LLP a professional services.
Analyze the Audit report

2, Speculate on which statement of generally acceptable auditing standards (GAAS) that the company violated in performing the audit.
3, 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.
4, Analyze the sanctions available under SOX, and recommend the key action(s) 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.
Fares, N., El-Sayed, A. (1998, June). Fine structural changes in the ileum of mice fed on

delta-endotoxin-treated potatoes and transgenic potatoes. Natural Toxins, 6(6).


Key, S., Ma, J., Drake, P. (2008, June). Genetically modified plants and human health.

Journal of the Royal Society of Medicine, 101(6). 290-296.

Maghan, B., Ardekani, A. (2011, July). Genetically modified foods and social concerns.

Avicenna Journal of Medical Biotechnology, 3(3). 109-117.

Ronald, P. (2011, June). Plant genetics, sustainable agriculture, and global food security.

Genetics, 188(1). 11-20.

Starr,C, Evers C.(2013). Biology today and Tomorrow. Brooks/Cole, Cengage Learning. Belmont CA.

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