Find Nortel’s 2004 annual report on its website or SEC filings, and review the audit reports for 2001–2004. In light of Nortel’s history, do you think these reports are appropriate? Discuss.
Answer to relevant QuestionsWhat other ongoing activities do auditors need to perform to complete an audit in accordance with generally accepted auditing standards as set out in the GAS?How do changes in the economic environment affect a business’s risks? What is the role of business risk analysis in the audit planning process?Why are qualitative criteria important in the auditor’s materiality decision?What benefits are obtained by having an engagement letter?
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