As part of the Bonlat "Parmalat Financial's Center"audit, Grant Thornton, received a confirmation on Bank of America letterhead from Parmalat confirming the existence of 4.2billion euros in an account for Bonlat. Bank of America later declared the confirmation a forgery. Investigators believe that the confirmation was forged with the use of scanners by Parmalat finance officers.

As you analyze this week's cases, what are your thoughts on professional skepticism and anauditor's objectivity as it was applied to the audit of Parmalat's cash?

Answer rating: 100% (QA)

Required solution is given below Third party Confirmation of balances Confirmation is the process of obtaining a direct confirmation from a third part... View the full answer