Judge Lifland’s criticism of Ernst & Young
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March 31, 2020Judge Lifland’s criticism of Ernst & Young
Please write with your own words because the instructor saw the draft i will attach. there are four questions to answer:
Q1.Summarize the important facts of the case
Q2.Briefly describe the fraud(s) that occurred and the perpetrators
Q3. Most of Judge Lifland’s criticism of Ernst & Young focused on the audit procedures Ernst and Young applied to CBI’s accounts payable. Generally, what is an
auditor’s primary objective in auditing a client’s accounts payable? Do you believe that two principal audit tests applied to CBI’s accounts payable would have
accomplished that objective if the tests had been applied properly? Why or why not?
Q4. Do you believe that the Ernst and Young auditors should have used confirmations in auditing CBI’s year-end accounts payable? Defend your answer. Explain the
differing objectives related to accounts receivable and accounts payable confirmation procedures and key differences in how these procedures are applied.
