Questions from General Auditing

Q: In the late 1990s, James Fazio reached what many CPAs consider

In the late 1990s, James Fazio reached what many CPAs consider the pinnacle of success in the accounting profession, namely, partnership in one of the Big Four public accounting firms. For more than a...

Q: Sarah Russell grew up in a small town in the flatlands of

Sarah Russell grew up in a small town in the flatlands of western Kansas where she was born. 1 In high school, she was homecoming queen, valedictorian of her graduating class, point guard on her bask...

Q: Attracting customers and closing sales are challenges that face all retailers,

Attracting customers and closing sales are challenges that face all retailers, ranging from a Piggly Wiggly grocery in a small southern town to the Giorgio Armani Boutique nestled among the elegant sh...

Q: In 2012, Reuters, an international news agency based in London

In 2012, Reuters, an international news agency based in London, startled the U.S. accounting profession. A Reuters article reported that Washington Council Ernst & Young (WCEY), a registered lobbying...

Q: Historians disagree when the first email message caromed down the information superhighway

Historians disagree when the first email message caromed down the information superhighway, but there is no dispute that email was the Internet’s first “killer app.” Email quickly became the primary c...

Q: In the business world of the Roaring Twenties, the schemes and

In the business world of the Roaring Twenties, the schemes and scams of flimflam artists and confidence men were legendary. The absence of a strong regulatory system at the federal level to police the...

Q: Ladislas Nay immigrated to the United States from Hungary in 1921 at

Ladislas Nay immigrated to the United States from Hungary in 1921 at the age of 18. The opportunities offered by his new land excited the industrious young immigrant and he promised himself that he wo...

Q: In the mid-1990s, KPMG Peat Marwick audited a small

In the mid-1990s, KPMG Peat Marwick audited a small, Dallas-based drugstore chain, Texas Drug Warehouse (TDW). Before beginning the company’s 1995 audit, KPMG “made a business decision to reduce the n...

Q: Frank Coleman pounded away at his calculator as he tried in vain

Frank Coleman pounded away at his calculator as he tried in vain to reconcile his number for the LIFO reserve to the figure recorded by the client. 1 Frustrated and fatigued, Frank glanced at his wri...

Q: “Excuse me, are you Jake Tadlock?” 1

“Excuse me, are you Jake Tadlock?” 1 “No, my name is Eli. Eli Arezzo.” “Hello, Eli. My name is Olivia. Olivia Thomas. I’m sorry. I was told that this was Jake’s cubicle.” “No need to be sorry. Jake’s...