From the $$Inspections$$ section of the PCAOB$$s website, access the most recent inspection reports for each of the Big Four firms $($Deloitte$,$ EY$,$ KPMG$,$ and PwC$).$ Each inspection report contains the following information:

An introductory preface.

Inspection procedures and observations, which include specific findings related to issuers $($clients$)($Part I$).$

A summary of the inspection process.

The firm$$s response to the inspection report.

Occasionally, the PCAOB$$s inspection process identifies situations in which necessary audit procedures were not performed or in which the auditors did not identify departures from GAAP.

Required:

a$.$ What is the auditors$$ responsibility with respect to subsequently discovered facts and omitted procedures?b$.$ If one is provided, review and briefly summarize the firm$$s response to the inspection report. Comment on whether you believe the firm$$s response to omitted procedures and subsequently discovered facts was consistent with generally accepted auditing standards.