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Discussion Topic: Audit Failures
The purpose of the audit is to provide assurance as to the accuracy of financial statements. Situations such as the Enron collapse, which were largely due to the failure of an auditor to detect fraud and even concealed it, led to significant public unrest and market failure. Please feel free to find more articles on your topic.
Topic: GE (General Electric) CO. Accounting Scandal
1) Discuss the above article involving audit failure and how it led to public unrest.
2) Also, when evaluating the article referenced, discuss how audit testing should have uncovered audit failure.