Question: As noted in the case, there was an almost complete turnover of the staff assigned to the New Century audit engagement team from 2004 to

As noted in the case, there was an almost complete turnover of the staff assigned to the New Century audit engagement team from 2004 to 2005. What quality control mechanisms should accounting firms have in such circumstances to ensure that a high-quality audit is performed?

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The PCAOBs quality control standards provide broad guidelines and recommendations that accounting firms can use to ensure that the professional services they provide are competent QC 2003 mandates tha... View full answer

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