Do you think that the auditors were adequately prepared for this engagement

Winstar Communications Case Study

Read carefully the Winstar Communication Case Study pdf and scan Winstar Communication court opinion 2 pdf. All of the other information attached you will use it to support your answers. Do not use any other source. The most important attachment is 2019 US Froud Examiners Manual (like a bible). The objective of this assignment is to demonstrate that you read the material given.

Guide “ Attention”

Introduction: -factual overview of the case

-identify issues or problems

Be specific

Answers must have: 1- definition of terms

2- analysis of applicable accounting and audit rules, regulations, articles that may apply.

3- analysis of the question using the rules and facts.

4-Concepts learn in class ( in power points attached)

5-Thoughts, ideas and analysis to accompany your research and readings in the answers

6- The course reading must be sited (Author name, page #) in every idea. ( this is the must important aspect of the project and it should have at least 4 citation per answer using different pdfs) You have to demonstrate that you read the all the material attached. Ex: (2019 US Froud Examiners Manual, page 2.697)

7- See ideas from different prospective (not only concepts from the book). See ideas from regulations, GAO reports, government, practitioners and court.

Case Questions

(Answer questions individually) do not re-write the question or create an essay.

Case Questions

1. Grant Thornton re-staffed the Winstar engagement team with a partner and senior manager before the 1999 audit but neither professional had ever audited a company in the telecommunication industry before. Do you think that the auditors were adequately prepared for this engagement (use AICPA Attestation Standards and prior year documentation requirements to support your answers)?