Use the Internet or visit the U.S. Securities and Exchange Commission website at SEC.gov | Home to research at least two sanctions levied against companies that have violated general accounting principles.

Week 3 discussion question

Use the Internet or visit the U.S. Securities and Exchange Commission website at SEC.gov | Home to research at least two sanctions levied against companies that have violated general accounting principles.
Briefly analyze whether or not investors who were misled by relying on financial statements could hold the audit firm liable for audit failure either by common or securities laws.
Provide a rationale for your response.

Week 4 discussion question

Analyze the primary ways in which auditors would use the information from downgrades to assess business risks or evaluate the likelihood that the downgrades would impact the auditor’s assessment of the client’s business environment.
Ascertain the major ways in which this information would impact the audit risk model equation.
Support your position.

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