i) Describe the structure and independence of the audit committees in the companies selected in 3) above.ii) Using financial ratios, analyse the risk and performance of these companies and draw conclusions on the continuity of these companies.iii) Critically examine and report whether the independence and activisms of the audit committees had potential impact on the auditors opinionas to continuity of the selected companies.

Read the Deloitte Report, and answer the four questions.

1. What information is contained in the PCAOB’s inspection report? (3-4 sentences in total)
2. According to the inspection report that you have been assigned, for how many audits (issuers) did the PCAOB find deficiencies? (1 sentence)
3. Identify the most frequent deficiencies that were cited in the PCAOB’s inspection report. For each of the most frequently cited deficiency, to which of the elements of the principles (principles that are discussed in chapter 2) does it most closely relate? (This is the most important question; your answer should be about a page long)
4. Briefly summarize the firm’s response (if any) to the PCAOB’s inspection report. (2-3 sentences)

Your paper addressing the abovementioned four questions separately (Answer #1, Answer #2, Answer #3, and Answer #4) should be max 2 pages in length. You should make effort to paraphrase from the PCAOB report rather than excessively quoting the PCAOB report. If you will quote the PCAOB report, please make sure to properly quote it and include the PCAOB report as a reference on the third page. Please do not include a cover page. Your paper must be type written and double spaced in 12 point font. Your submitted paper should not exceed 3 pages including the reference page. Any document that exceeds one page should have page numbers.