Question: Suppose in the future you are assigned to an audit
Suppose in the future you are assigned to an audit engagement that requires you to travel to a foreign country openly hostile to the United States. Because of that hostility, you are uncomfortable with the assignment. What would you do? Before responding, identify the alternatives you have.
Answer to relevant QuestionsBriefly describe the key requirements included in professional auditing standards regarding the preparation and retention of audit work-papers. Which party “owns” audit work-papers: the client or the audit firm?The Repo 105 transactions reduced Lehman’s net leverage ratio from 17.8 to 16.1 at the end of fiscal 2007. Do you believe that was a “material difference”? Why or why not?Do you believe it is appropriate for a professional services firm to ask employees to serve on engagements in which their personal safety is at risk? Defend your answer.Should the SEC have the authority to highlight or bring special attention to certain disclosures made by SEC registrants? Why or why not?Should U.S. companies integrate legal protections for internal whistleblowers into their internal control systems? Defend your answer
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