ACC 411 Lecture 1: 1
Document Summary
World com opening story, should always be read. Do not feel the need to memorize the details of the story. Learn from it, do not consider a studying material. Oxley: audit committee can help us decide what can do and what cannot do. Anderson: all the fraud came along during the late 1980s. 50% of the revenues coming in from consulting, the independence issues. Everything went back because they don"t want to ruin the consulting relationship. Assurance services independent professional services that improve the quality of information for decision makers. Another step: looking through lists of clients to see if there is connection. Looking at fs to tell if it is fair. It is difficult to say if it is fair. I am not saying it is right, when i sign the financial statements there is some mistakes for sure. To the best of our cpa firm"s ability, we say it is reasonable and fair.
