The SEC outlines in Accounting and Auditing Enforcement Release No. 2234 five “undertakings” for KPMG to alter or amend its audit practices. Obtain and read a copy of the enforcement release (try http://www.sec.gov/litigation/admin/34-51574.pdf) and read the five “undertakings.” Based on your reading of the five “undertakings,” which elements of a system of quality control did KPMG have weaknesses? Explain your answer
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