Describe the nature and purpose of a “peer review.” Would peer reviews of Friehling & Horowitz have likely resulted in the discovery of the Madoff fraud? Why or why not?
Answer to relevant QuestionsProfessional auditing standards discuss the three key “conditions” that are typically present when a financial fraud occurs and identify a lengthy list of “fraud risk factors.” Briefly explain the difference between ...Do you agree with the assertion of John Ellingsen that an audit engagement partner is not “responsible for all decisions made in the course of an engagement?” Defend your answer. What quality control implications does ...Do you believe that the PCAOB overstepped its regulatory role and responsibilities by beginning a dialogue regarding the possible need for mandatory audit firm rotation? Why or why not? Do you agree with U.S. Representative ...What professional standards apply to “due diligence” investigations performed by accounting firms?Sullivan identified the 1997 Golden Bear audit as a “high- risk” engagement. How do an audit engagement team’s responsibilities differ, if at all, on a high- risk engagement compared with a “normal” engagement? ...
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