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in preparing the Audit Inquiry Letter to Legal Counsel, the auditor can either work with Management to prepare & include a summary of pending or threatened litigation for counsel to review or simply ask the Legal Counsel to prepare the summary and evaluation of pending and threatened litigation. In professional practice, which is generally better and why? During class, we discussed the case involving Verity Distillery Company and Veritas Corporation (Related Parties). The President of Verity Distillery Company engineered a series of transactions between these two related entities. What was he trying to accomplish from a financial statement standpoint