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Nextcard Essay

710 words - 3 pages

NextCard, Inc.
1. No, it is not the job of the auditor to evaluate the soundness of the business. The auditor is not concerned with how successful the business is run or if it is run efficiently. The auditor is responsible for planning and performing an audit to obtain reasonable assurance that the financials are presented fairly, and are free from material misstatement, whether by error or fraud.
2. There are definitely fraud risk factors present in the 2000 NextCard audit including: rapid growth compared to competitors, lack of an internal audit team, and pressures to report a profitable quarter. NextCard was able to obtain growth so fast because, they were offering rather ...view middle of the document...

3. The audit workpapers are the auditor’s evidence and justification for their audit opinion. The workpapers contain all the procedures performed and the evidence found during the audit. If the workpapers are thorough and another competent auditor could come to the same opinion, then they are most likely a quality set of workpapers. The SEC states that a complete and accurate set of workpapers are critical to the integrity of the audit process.
4. GAAS Violations:
* Auditors are not trained or competent: Flanagan only had a few years of experience and was made the senior auditor.
* Lack of Supervision: It appears that there was little to no supervision during the audit process.
* Due Professional Care: The auditors did not express professional judgment throughout audit, by the lack of tests performed and insufficient evidence.
* Gather appropriate evidence: The audit team did not gather evidence that was sufficient or appropriate because they ended up issuing the wrong opinion.
5. I do think that the senior auditor has some responsibility in training/mentoring the younger auditors. They should make sure...

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