Refer to the opening vignette regarding Peregrine Financial Group. In 2013, the U.S. Commodity Futures Trading Commission (CFTC) charged Jeannie Veraja - Snelling, a U.S. certified public accountant and sole practitioner, with failing to perform an audit in accordance with GAAS. Based upon the case facts, explain:
a. What significant control deficiencies the auditor appeared to miss;
b. The deficiencies in the auditor's confirmation process;
c. Whether you think a sole practitioner would have the competence to perform a quality audit of an organization such as Peregrine Financial Group. (Keep in mind that although it is not a public company, it has a regulator, the U.S. Commodity Futures Trading Commission, which is similar to a securities regulator.)