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The Case Requirements
From the time that Loxon became GLS’s auditor, there were several audit deficiencies. Please identify and describe the key audit deficiencies that led to GLS’s persistent financial statement fraud.
Section 10A of the SEC Act of 1934 requires auditors to report to the SEC when, during an audit, an auditor detects: 1) illegal acts which have a material impact on the financial statements, and 2) appropriate action is not taken by management and the board of directors. Loxon had responsibilities to GLS, but also to other stakeholders, such as the SEC, the PRC, and investors. Do you believe that Loxon fulfilled their responsibilities to each of the four stakeholders mentioned?
The PCAOB and SEC coordinate their efforts to ensure public firms’ compliance with their rules and regulations and to protect investors. Section 106 of the Sarbanes-Oxley Act of 2002 requires that auditors of a U.S. issuer registered with the PCAOB consent to produce workpapers when requested by either the SEC or the PCAOB. Among the common investigations by the PCAOB is the failure to cooperate with an inspection or investigation. Likewise, Rule 102(e) of the SEC “Improper Professional Conduct” gives the SEC the power to sanction auditors if there is professional misconduct.
In 2017, the PCAOB issued a new auditing standard to replace a portion of AS 3101 “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion” and extended it with AS 3105 “Departures from Unqualified Opinions and Other Reporting Circumstances”. The purpose of the new standards is to expand auditor reporting and enhance its relevance to investors. AS 3101 is effective for audits of fiscal years ending on or after June 30, 2019 for large accelerated filers and on December 15, 2020 for all other firms. Please review the final ruling of the AS 3101 using this link “https://pcaobus.org/Rulemaking/Docket034/2017-001- auditors-report-final-rule.pdf” and answer the following questions:
Culture can be defined as: “the collective programming of the mind that distinguishes the members of one group or category of people from another” (Hofstede, 2001, p.9). According to Geert Hofstede’s cultural model, societal values are affected by ecological values and influenced by external forces (trade and investment), and hence affect the business environment.
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