Sample Essay

The company replaced Mr. Greenspan with one of the big eight accounting firms Ernst & Whitney after recommendation from investment brokers. Greenspan mentioned that he did not inform the new audit firm about the insurance contracts when he testified later during the investigation of fraud in the company and he gave the reason that the new audit firm never contacted him.

The new audit firm completed the initial requirements of the contract with ZZZZ best and started an audit of financial statements for the year ended April 30, 1997. The audit firm continuously insisted on visiting restoration sites where jobs of significant value were being performed but Minkow and his associates kept daunting these visits. The insurance restoration contracts of ZZZZ best accounted for 90 percent of the company’s total net income and representatives of the audit firm requested repeatedly to physically visit these sites and examine the nature and extent of work being done by the company on these sites. When these requests started to increase substantially Minkow knew that he would have to approve visits to these sites for the audit to be completed. The main problem for Minkow and his associates were the nonexistence of any of these sites as all of them were bogus and they devised a strategy to fool the representatives of the audit firm.

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