Read the Powers Report, found in the Reading section of this week, and write at least a 5 page paper identifying the errors, framework for minimizing risk, and proposal for both the solution to the problem and legislation to prevent this type of situation from occurring in the future.

Read the Powers Report, found in the Reading section of this week, and write at least a 5 page paper identifying the errors, framework for minimizing risk, and proposal for both the solution to the problem and legislation to prevent this type of situation from occurring in the future.

Your paper should include the following.

Description of the related party transactions reported on by Arthur Andersen & Co.
Description and evaluation of the flaw in the accounting firm’s logic.
Proposed checklist for special projects performed by external auditors to limit errors and risks.
Proposed rules or laws to prevent similar occurrences in the future.