- For the following link ( https://www.forbes.com/sites/jwebb/2016/08/25/pwc-sued-for-missing-2-9-billion-scam-do-auditors-have-a-public-responsibility-to-prevent-fraud/3/#36aca6662941 ) ;
- right an opinion about whether you believe auditors should have a public responsibility to ‘prevent’ fraud. I put the word prevent in quotations, because you will have to discuss how they can prevent fraud (what specific procedures they would use to do that).
- Remember this is an opinion piece, so you can discuss why you believe the auditor can not prevent fraud instead, if you choose.
- If you demonstrate an understanding of what auditors do (as consistent with what you learned in class about the auditor’s role) and what they are required to under the standards you will receive more points than if you only state “No, because they are not required to or Yes, because it is the right thing to do” for example. NOTE: It is possible here to make a case that the answer is Yes/ No, but they can better detect fraud (and discuss how they can better detect fraud)/ or No, but they should be responsible to disclose fraud to the public (and discuss very carefully how the standards, the auditors and the audit client’s should change to make that happen)
- There is no page requirement
The second part of this has to do with Wells Fargo. Based on the following link ( https://nypost.com/2017/08/23/wells-fargo-may-have-just-made-another-boneheaded-decision/ )
- Make a list of 5 very specific detective control activities and 5 very specific preventative control activities that Wells Fargo can implement to mitigate the occurrence of the ‘new fraud’ introduced in this article.