Identify what you consider to be the three most important “take-aways” or learning points in this case. Rank these items in order of importance (highest to lowest). Justify or defend each of your choices.
Answer to relevant QuestionsResearch recent developments involving this case. Summarize these developments in a bullet format.What factors likely contributed to the oversights made by the Ernst & Young auditors during the 2004 AA Capital engagement? Identify measures that audit firms can implement to minimize the likelihood of such oversights on ...Is it appropriate for an audit firm “to function as a de facto adjunct” to a client’s accounting department? Why or why not? Which party or parties were primarily responsible for Deloitte being dismissed as ...Explain why some corporate executives may perceive that their independent auditors are a “necessary evil.” How can auditors combat or change that attitude?Identify audit procedures, other than a walk- through test that might have resulted in Grant Thornton discovering that Fred Greenberg was tampering with JGI’s delivery receipts.
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