Question - The PCAOB web site has a section titled "Settled Disciplinary Orders". Locate the findings involving James Fazio, CPA, of San Diego, California, involving the audit of Ligand Pharmaceuticals.
1. Describe the situations and accounting/audit issues that led to the disciplinary action by the PCAOB.
2. What do you think of the firm's understanding of generally accepted auditing standards and generally accepted accounting principles? Name one specific area where auditing standards were violated.
3. Any idea what Fazio is doing now?