Identify the elements of quality control that were missing at the small public accounting firm where Mitch used to work. Explain how this could impact audit quality.
a. Oversight, training, consistency. Lack of these could lead to errors and inconsistencies in auditing practices.
b. Proper documentation, communication, teamwork. Absence of these may result in misunderstandings and lack of coordination in auditing tasks.
c. Client communication, financial analysis, report generation. Failure in these areas might lead to inaccurate financial reporting and unreliable audit conclusions.
d. Compliance checks, internal audits, peer reviews. Without these, there could be a higher risk of non-compliance and errors going unnoticed.