Contemporary Auditing 10th Edition by Michael Knapp

Exercise 13

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