Question: Identify the factors that may have contributed to the alleged flaws in the audit procedures that PwC applied in testing the year-end market values of

Identify the factors that may have contributed to the alleged flaws in the audit procedures that PwC applied in testing the year-end market values of the Lipper hedge funds’ investments. Discuss specific measures that audit firms can employ to reduce the likelihood that such factors will undercut the quality of their audits.

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