This report should contain:
I. The company Backgound and Accounting Misconducts covering the following issues:
1. what does the company do?
2. What markets does it serve (domestic, international)? What is the business environment in which the company operates?
3. Use a graph to show the net income and total assets of the company for at least three years.
4.Explain the purpose of an audit report. Find the auditor’s report in the 10-k for the year the accounting misconducts were revealed. Record the name of the auditing firm. What was the auditor’s opinion? Did the auditor discover any accounting misconducts?
5. What accounting misconducts did the company have?
II. Suggestions:
1. What is the implication of the accounting misconducts for corporate governance? What have standard-setters done to address the accounting problems of this company? Refer to the Sarbanes-Oxley Act of 2002 to answer it
2. What additional changes in regulation do you suggest to avoid future similar accounting problems?
3. Why did accountants and auditors fail to prevent your company’s accounting misconducts? What ethical issues were involved (refer to chapter 1)What suggestions do you have for accountning and auditing profession?

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