Chapter 9: Questions 2, 3, and 8; Exercises 2 and 7 2. What is the three part approach used to identify the problem or precise issue? 3. Explain two ways to collect evidence. 8. How will you keep current on authoritative accounting standards? EX 2. Locate SEC Accounting and Auditing Enforcement Release N0. 3010. What did that SEC release discuss? EX 7. Major research problem 1: An Audit partner of a CPA firm invested in a computer side business with a member of the board of directors of a public company that sells insurance and is an audit client of that CPA firm. Identify any potential problems. Conduct preliminary research to find the relevant source at issue. Refine the problem statement. Research and locate the relevant professional authorities and determined whether there is any colorable authority in the law that prohibits such a relationship. If so, try to find interpretation of the law that the SEC may have issues. Analyzed consider alternatives, and develop the conclusion. Write a research memo on the problem.
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