Compare and contrast the responsibilities of an audit partner of a major accounting firm with those of a large public company’s CFO. Which work role do you believe is more important? Which is more stressful? Which role would you prefer and why?
Answer to relevant QuestionsExplain why some corporate executives may perceive that their independent auditors are a “necessary evil.” How can auditors combat or change that attitude?Identify important audit risk factors common to family- owned businesses. How should auditors address these risk factors? The SEC referred to several “audit failures” that were allegedly the responsibility of Michael Sullivan. Define what you believe the SEC meant by the phrase “audit failure.” Do you believe that Sullivan, alone, was ...Is it appropriate for audit firms to sharply discount their professional fees for developmental stage companies? Why or why not? What problems, if any, may this practice pose for audit firms? Identify specific fraud risk factors present during PwC’s audits of the Lipper hedge funds. Explain how PwC should have responded to the fraud risk factors that you identified.
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