Define contemporary auditing

1)An introduction covering the background information of the case (1-

2 paragraphs).

(2) Key issues of the case (about two pages).  Here you would identify and discuss the various accounting fraudulent activities that occurred at ZZZZ Best Company, Inc.  I would like you to discuss why ZZZZ Best’s auditors were unable to prevent them from engaging in fraudulent activities. From an auditing standpoint, what audit procedures should Ernst and  Whinney  have  conducted  to  detect  the  fraudulent  accounting  by  ZZZZ  Best’s  management?  One

way  you  can  approach  this  analysis  is  to  identify  the  fraudulent  accounting  actions  that  occurred  at  ZZZZ  Best,  and  discuss  the  audit  procedures  that  should  have  been  followed  to  detect  the  fraud.  You  will  find  some  discussion  of  the  omitted  audit  procedures  in  the  case.  However,  you  should  provide  additional  insights  based  on  our  class  discussions  and  from  other  sources  such  as  your  textbook  and  auditing standards.

(3) Conclusion (1-2 paragraphs) Include  a  cover  page  with  your  name  on  it.  The  report  should  not  exceed  three  pages(double-spaced  with  sufficient  margins), excluding the  cover  page.

It  should  be  formatted  using  Times  New Roman 12-point font.

Your name should appear on the cover page only