Question: Research recent developments involving this case Summarize these developments in
Research recent developments involving this case. Summarize these developments in a bullet format.
Answer to relevant QuestionsIn addition to the reforms mentioned in this case, recommend other financial reporting and auditing-related reforms that would likely be effective in preventing or detecting frauds similar to that perpetrated by Madoff.Was it appropriate for Ernst & Young to decide not to rely on AA Capital’s internal controls during the 2004 audits? Under what circumstances can auditors choose not to rely on a client’s internal controls?Define what is meant by the phrase “planning materiality threshold”? What factors should be considered in establishing such thresholds? Are there any conditions under which it is appropriate for auditors to change a ...When auditor–client disputes arise during an audit engagement, another accounting firm is sometimes retained by the client and/or the existing auditor to provide an objective report on the issue at the center of the ...Once an audit firm has informed client management of important internal control weaknesses, what further responsibility, if any, does the audit firm have regarding those items? For example, does the audit firm have a ...
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