acc562 week 8 discussion 2

acc562 week 8 discussion 2 -...

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Case 8B - First Securities Company of Chicago  Based on your analysis of the “First Securities Company of Chicago” case, respond to each of the discussion points: Under the present technical standard, discuss if the auditors would be required to disclose a company policy similar to Nay’s mail rule that they discovered during the audit. Ernst & Ernst argued that the mail rule was not relevant to its audits of First Securities since the rule only involved personal transactions. Do you agree? Why or Why not? Under the present technical standard, discuss if the auditors would be required to disclose a company policy similar to Nay’s mail rule that they discovered during the audit. Under the present technical standard, auditors are required to disclose a company policy similar to Nay’s mail rule that they discovered during the audit. A company policy similar to Nay’s mail rule is an internal control weakness and could lead to possible fraud. It is vital for auditors to
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This note was uploaded on 02/01/2012 for the course ACCT ACC562 taught by Professor Williamguy during the Fall '10 term at Strayer.

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acc562 week 8 discussion 2 -...

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