Under present technical standards, would auditors be required to disclose a company policy similar to Nay’s mail rule that they discover during an audit? Explain. Assuming such disclosure had been required at the time this case took place, would that disclosure have resulted in the mail rule being discontinued?
Answer to relevant QuestionsErnst & Ernst argued that the mail rule was not relevant to its audits of First Securities since that rule only involved personal transactions of Nay and the escrow investors. Do you agree? Why or why not?How should Julius respond to the matter involving Elizabeth? Identify the key factors that he should consider in deciding how to proceed.Did Olivia and Eli’s relationship likely affect other individuals within their office? Explain.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 ...Do you believe that the proposal to merge Shari’a compliance audits with financial statement audits is feasible? Defend your answer.
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