In an independent audit of the financial statements of a large bank, why do auditors typically follow

Question:

In an independent audit of the of a large bank, why do auditors typically follow a controls reliance strategy (i.e., obtaining some audit assurance via controls testing)? In the case of Société Générale, do you believe the external auditors gathered much controls-related evidence regarding the Delta One trading desk? Why or why not?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...