Reference no: EM133974437

Problem

I. Auditing standards don't specifically discuss the audit procedures that should be applied to a client's pension-related financial statement amounts. Identify five audit procedures that would be relevant to those items. For each audit procedure that you list, identify the related audit objective.

II. What do professional auditing standards suggest is the overarching objective that auditors hope to accomplish by retaining an outside expert to assist them in completing an engagement? How could an expert be useful in auditing a client's pension-related financial statement items? Get the instant assignment help.

III. Do you believe that Deloitte behaved properly by accepting GM's decision to apply a 6.75 percent discount rate to its pension liabilities? What, if any, other steps or measures should Deloitte have taken under the circumstances?

IV. Did the choice of the 6.75 percent discount rate in 2002 have a material impact on GM's financial statements? Defend your answer.