Identify the factors that may have contributed to the alleged flaws in the audit procedures that PwC applied in testing the year-end market values of the Lipper hedge funds’ investments. Discuss specific measures that audit firms can employ to reduce the likelihood that such factors will undercut the quality of their audits.
Identify the factors that may have contributed to the alleged flaws in the audit procedures that PwC applied in testing the year-end market values of the Lipper hedge funds’ investments. Discuss specific measures that audit firms can employ to reduce the likelihood that such factors will undercut the quality of their audits.
Chapter2: Audits Of High-risk Accounts
Section2.5: Lipper Holdings, Llc
Problem 3Q
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3. Identify the factors that may have contributed to the alleged flaws in the audit
procedures that PwC applied in testing the year-end market values of the Lipper
hedge funds’ investments. Discuss specific measures that audit firms can employ
to reduce the likelihood that such factors will undercut the quality of their
audits.
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