New PDF release: Auditing After Sarbanes-Oxley : Illustrative Cases , Second

By Jay C. Thibodeau, Deborah Freier

ISBN-10: 0073379492

ISBN-13: 9780073379494

This casebook is meant as a complement to any basic auditing textual content, because it is helping expand and concentration lecture room discussions at the effect of Sarbanes-Oxley. It grabs pupil curiosity by way of supplying enticing, real-world examples of the auditing surroundings pre- and post-Sarbanes-Oxley.

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Extra resources for Auditing After Sarbanes-Oxley : Illustrative Cases , Second Edition

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Dunlap as its CEO and chairman. , Dunlap was known as a turnaround specialist and was even nicknamed “Chainsaw Al” because of the cost-cutting measures he typically employed. Almost immediately, Dunlap began replacing nearly all of the upper management team and led the company into an aggressive corporate restructuring that included the elimination of half of its 12,000 employees and the elimination of 87 percent of Sunbeam’s products. 1 CEO and Chairman Dunlap was fired in June 1998. 2 Sunbeam’s Customer Discounts and Other Incentives and Sales to Distributors Under GAAP, sales revenue can be recognized only if the buyer assumes the risks and rewards of ownership of merchandise—for example, the risk of damage or physical loss.

On June 19, 2001, as the quarter of 2001 was coming to a close, CFO Sullivan left a voicemail message for CEO Ebbers that indicated his concern over the company’s growing use of nonrecurring items to increase revenues reported: Hey Bernie, it’s Scott. This MonRev just keeps getting worse and worse. The copy, um the latest copy that you and I have already has accounting fluff in it . . all one time stuff or junk that’s already in the numbers. With the numbers being, you know, off as far as they are, I didn’t think that this stuff was already in there.

Andersen obtained a reconfirmation from KRC, discussed the matter with COG’s principal, and obtained a reconfirmation specifically excluding side deals, but no further inquiry about side deals was made to Mecom. In late May 1970 Andersen decided that a “subject to” qualification was necessary in issuing its report concerning FOF as of year-end 1969. 3 Dear Mr. 50 per acre in work obligations under the terms of an agreement with King Resources Company dated December 24, 1969. I have agreed to provide sufficient net cash receipts to be paid to you to enable you to make all payments on your said contract with King Resources Company through payments due in October 1971.

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Auditing After Sarbanes-Oxley : Illustrative Cases , Second Edition by Jay C. Thibodeau, Deborah Freier


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