Prepare a six to eight (6-8) page paper in which you:
1. Determine the current financial condition of Eastman Kodak based on its most current quarterly report. Based on your evaluation, Show the most significant "red flags" for its public accounting firm to consider.
2. Suppose that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Clarify the modification you would make to the audit engagement procedures to reduce any potential liability of the firm.
3. Prepare an argument to the Kodak shareholders that, despite the long relationship between Kodak and PricewaterhouseCoopers, the public accounting firm maintains its professional independence.
4. In audits of high-risk clients, evaluate which requirements in the AICPA's Code of Professional conduct are most likely to be breached by auditors. Provide your rationale.
5. Examine the risk of financial fraud at Kodak and how it is most likely to be committed.
6. Based on your analysis of financial fraud risk areas, show the internal controls that should be implemented.
Given Kodak filing for bankruptcy, show the fiduciary responsibility of the audit committee and board of directors.