Buffett said the committee should require the auditors to give detailed answers to three questions: If the auditor were solely responsible for preparation of the company’s financial statements, would they have been done differently, in either material or nonmaterial ways? If “differently,” the auditor should explain both management’s argument and his own. If the auditor were an investor, would he have received the information essential to understanding the company’s financial performance during the reporting period? Is the company following the same internal audit procedure the auditor would
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