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Windes & Mc Claughry Accountancy Corporation

Please answer to the following questions. Support your answers with academic or real-life criminal justice examples to accentuate your point.
1. Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
2. Do you think that it is a wise investment to contract services that provide security against fraud or should it be an in-house department that provides fraud security services?
3. Include additional information that you think is appropriate or interesting concerning ethical or unethical business behavior.
4. Cite your references.

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The response addresses the queries posted in 1279 words with references.

//This paper deals with the auditing techniques, methods and findings used by the Auditing firm. Here, we have selected Public Company Accountancy Corporation (PCAOB) Windes & Mc Claughry Accountancy Corporation.//

Windes & Mc Claughry Accountancy Corporation was audited by Public Company Accounting Oversight Board (PCAOB). The report was released on October 6 2010.The auditing procedures are made for each engagement separately by PCAOB. The report was published by PCAOB included all the audit techniques and procedures in detail, but the specific audit findings are not mentioned, as the audited company is given an opportunity to improve upon the deficiencies in the system of the company that is being audited. A substantial amount of board criticism and dialogue with firm occurs when it is not able to reach the standards. The board's dialogue with the firms occurs when the criticism is not dealt to the satisfactory level and the public is also criticizing the firm. The Board does not disclose any non-public information about the firm which is gained through the investigation of the firms or the clients.

PCAOB was formed as a part of Sarbanes-Oxley Act of 2002 and is a non-profit organization. It is administered by 5 board members. This board has active control over the existing public accounting firms which provide auditing services to companies especially those which are publicly held. It keeps an eye on companies to check whether they are following the rules and procedures of auditing, setting auditing standards, registering firms to audit public companies. PCAOB has established auditing and quality control, ethics and independence standards. They are adhered by the public accounting firms (Inspection of Windes & McClaughry Accountancy Corporation, 2010).

PCAOB tells the firms about the departure from the US Generally Accepted Accounting Principles or Securities and Exchange Commission disclosure requirements. The Board did not have any prescribed format prescribed for financial statement. The techniques used by the auditing team are computer assisted auditing techniques where business relies of technology to solve the ...

Solution Summary

The response addresses the queries posted in 1279 words with references.