Academic journal article Journal of the International Academy for Case Studies

Waste Management Inc. - Instructor's Notes

Academic journal article Journal of the International Academy for Case Studies

Waste Management Inc. - Instructor's Notes

Article excerpt

CASE DESCRIPTION:

This case describes a financial statement fraud perpetuated by top management of Waste Management Inc., with the knowledge of their external auditors. It describes the business opportunities and circumstances leading to the growth, the fraud and eventual downfall of the top management and its implication for the shareholders. The primary objective of this case is to explore the requisite external audit planning and resulting audit performance of a high risk audit client. Another important aspect of this case covers the role of the Audit Committee, who should serve on the Audit Committee, the importance of Audit Committee Member independence, and auditor interaction with the client's Audit Committee. Lastly, students examine how the Sarbanes-Oxley Act may have protected stockholders through preventive or punitive actions under the law which may serve to dissuade top executives from committing fraud. This case study is based on library research involving Accounting Series Litigation Release No. 17435 and Administrative Proceeding File No. 3-10513. It is designed for an Undergraduate Auditing course with a difficulty rating of 3, Graduate Auditing course with a difficulty rating of 3 or a Graduate MBA course with a difficulty rating of 4. Classroom presentation and discussion time of 1 hour. Outside preparation time of 4 hours. …

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