Objective: The objective of the assignment is to push students to think about how concepts
learned in class can be applied to contemporary business problems. In order to successfully
complete the assignment, students will follow current events throughout the semester and
they will be challenged to examine audit issues using the concepts learned in class.
Due date: October 15, 2013 by 6 p.m., by email (preferred deadline).
Steps:
1) Follow current business stories during September and October by reading popular
business press (i.e. Wall Street Journal, Financial Times, New York Times,
Economist, BusinessWeek, CFO Magazine, Journal of Accountancy, or any other
newspaper or magazine);
2) Identify a firm facing an audit-related issue such as a restatement, fraud, or internal
control failure(s).
3) Write 3-6 pages (length if flexible, content is more important) discussing how the
issue identified could have been avoided. Be specific regarding your
recommendations. For example, if there was a restatement issue related to revenue
recognition, state specifically what the auditors could have/should have done to
prevent such an issue.
4) Make sure you discuss any downfalls of your proposed solution.
The assignment is to be completed individually. Although multiple students may choose to
cover the same business event, the entire process (steps 1-4) must be completed
individually. Collaboration is not permitted.
Students are not expected to obtain instructor’s approval regarding the business issue or
firm selected to complete the assignment. However, should a student wish to discuss the
selection prior to completing the assignment, he or she is welcome to either make an
appointment to discuss, or to send an email.
Grading will be based on student’s ability to address all 4 steps above as well as the
student’s application of the concepts learned in class.
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