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timer Asked: Jun 28th, 2018
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Question description

Focus on the issue of auditor knowledge of the industry in which the client operates. Discuss the Lincoln Savings and Loan audit failure related to lack of industry knowledge. Consider whether there are any industries for which audits do not require particular industry expertise on the part of the audit partner. How does rotation of the audit partner (as required by SOX and the SEC) interact with the need for industry knowledge and risk of performing an audit?

Tutor Answer

School: New York University


Insert Surname Here: 1
Lincoln Saving and Loan Audit
Professors Name
Students Name
Date of Submission

There was a need for the Lincoln saving and loan audit to have a dipper understanding of loans
and the associated mortgage loss reserve and significance of material goods on risk loans
whereby property will act as the net achievable cost of the failure to pay a loan. A number of
auditors contain real estate assessment knowledge or indulgent of financial loans and
developments based on the land. Due to this factor, Lincoln saving and loan need to have staff
members and supervisors who are well knowledgeable about auditing. The failure of the Lincoln
saving and loan association was due to Charles who become one of the most beneficial and

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Outstanding Job!!!!

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