Evidence about the method of measuring fair value

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Reference no: EM133492803

Question 1. Over multiple years, Deloitte's Chinese affiliate asked some clients to select their own samples for testing and to prepare documentation that gave the appearance that Deloitte-China had tested the clients' financial statements and internal control

Q: Explain what have been violated

Question 2. Spicer Jeffries LLP, an audit firm based in Denver, and audit engagement partner Sean P. Tafaro, for their improper professional conduct in connection with audits of two private funds.

According to the SEC's order, during the audit planning stages, Spicer Jeffries and Tafaro assessed that valuation of investments was a significant fraud risk but did not implement the planned audit approach to respond to the risk. The order further finds that Spicer Jeffries and Tafaro failed to obtain sufficient audit evidence about the method of measuring fair value, the valuation models, and whether alternative valuation assumptions were considered

Q: Explain briefly what have been violated

Reference no: EM133492803

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