Stealing Discussion Assignment at KPMG
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Stealing Discussion Assignment at KPMG
Read These Articles
1. What took place:
Six accountants have been charged with using leaked confidential PCAOB data to improve inspection results for KPMG, according to the US Securities and Exchange Commission (SEC Jan 22 2018)
5 Former KPMG Executives And PCAOB Employees Charged In Manhattan Federal Court For Fraudulent Scheme To Steal Valuable And Confidential PCAOB Information And Use It To Fraudulently Improve KPMG Inspection Results (DOJ January 23, 2018)
2. KPMG’s Consequences: KPMG to Pay Up to $50 Million to End SEC Probe (WSJ, June 13, 2019)
3. KPMG accountants and PCAOB inspectors face the following consequences: The last ex-KPMG partner to be sentenced in the PCAOB scandal will not be sentenced to prison (Going Concern Dec.20, 2020)
4. Related academic research (read the abstract and pages 1-2): Implications for future inspection reports and audit quality from the revolving door between large audit firms and the PCAOB (The Accounting Review, 2021)
Original/Initial Post
Please answer the following questions:
1. Explain why KPMG needed the lists of KPMG audits that the PCAOB would be looking at.
2. Determine whether the panalties for both KPMG and the individuals involved in the fraud were adequate. What do you think the SEC could do to prevent a repeat of this incident?
3. According to the Accounting Review article, researchers do not believe that audit firms that hire former PCAOB inspectors have better overall audit quality, even though the deficiencies in their PCAOB inspection reports are lower. Consider the ramifications of your findings.
4. As always, talk about anything that surprised you or that you noticed while reading about the scam.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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