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Case- Cendant Corporation1
Questions
1. Briefly summarize the accounting techniques used by Cendant to manipulate financial results. Categorize each technique into one of Schilit's financial shenanigans.
2. Describe the failings of EY with respect to conducting an audit in accordance with GAAS. Include in your discussion any violations of the AICPA Code of Professional Conduct.
3. Evaluate the actions of Cendant management with respect to its obligations to shareholders. Did it meet those obligations? Why or why not?
4. The corporate governance requirements for Cendant that were stipulated in the class action lawsuit seem to emphasize the need for independence of the board of directors and audit committee. Using the corporate governance provisions in the Sarbanes-Oxley Act and NYSE listing requirements, identify the additional governance requirements that could have been imposed on Cendant. What should they be designed to accomplish?
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