What responsibility, if any, do auditors have to search for related-party transactions? If auditors discover that a client has engaged in related-party transactions, what audit procedures should be applied to them?
Answer to relevant QuestionsCompare and contrast the internal control reporting responsibilities of the management and independent auditors of public companies.KPMG served as the independent audit firm of several of the largest subprime mortgage lenders. Identify the advantages and disadvantages of a heavy concentration of audit clients in one industry or sub industry.Research recent developments involving this case. Summarize these developments in a bullet format.What objectives do auditors hope to accomplish in performing “subsequent period” audit tests?Deloitte maintained that it was not appropriate for PCAOB inspection teams to “second-guess” the “reasonable judgments” of skilled professionals. Do you agree? Defend your answer.
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