Question: DISCUSSION QUESTIONS What steps does an auditor ordinarily take when confirming cash balances held on deposits with financial institutions? Whatadditionalstepsshouldtheauditorshavetakenwhentheyreceivedthesmudgedfaxcopy printed on Bank of America

DISCUSSION QUESTIONS

What steps does an auditor ordinarily take when confirming cash balances held on deposits with financial institutions?

Whatadditionalstepsshouldtheauditorshavetakenwhentheyreceivedthesmudgedfaxcopy printed on Bank of America letterhead?

What red flags did the auditors miss?

WhatstepsshouldDeloitte&ToucheSpAhavetakenwithrespecttoGrantThorntonsauditof the Cayman Island subsidiaries?

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