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Miller Energy Case Study

https://www.sec.gov/news/press-release/2017-142

https://www.sec.gov/news/pressrelease/2015-161.html

Read the Miller Energy Resources accounting scandal.

1. Summarize the Miller Energy Resources accounting issue. What penalties did they have to pay?

2. Discuss the findings for KPMG in regards to their audit of Miller Energy Resources. What penalties did they have to pay?

3. Compare the Miller Energy Resources to Weatherford accounting scandal.What threats were similar and what were different?What safeguards could the accountants at each company implemented?

4. Compare the Miller Energy Resources to Weatherford accounting scandal from the respective auditor's viewpoints.What threats were similar and what were different for the auditor?What safeguards could the auditor have implemented?

5. In accepting a continuing engagement at Weatherford or Miller Energy Resources, what decision would you make or procedures would you implement?Would you accept the engagement?If you did not accept the engagement, what would be the personal consequences?