Question: William Schlich implied that E&Ys British affiliate had the responsibility for reviewing the legal opinion issued by a British law firm regarding the treatment of

William Schlich implied that E&Y’s British affiliate had the responsibility for reviewing the legal opinion issued by a British law firm regarding the treatment of Repo 105s as sales of securities. Do you believe that Schlich or one of his subordinates should have reviewed that letter? Why or why not? In general, how should the responsibility for different facets of a multinational audit be allocated between or among the individual practice offices involved in the engagement?

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There is not a specific auditing standard that mandated that Schlich or one of his subordinates review the legal opinion issued by the British law fir... View full answer

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