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The "reasonable assurance" threshold doesn't fully explain why KPMG gave a clean audit opinion to GE's failed accounting, at least for GE's hedge accounting problems. "Reasonable assurance usually relates to a failure to detect something," [Douglas Carmichael] says. "It doesn't have anything to do with not reporting something once you know about it."
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"GE Restatement, Part II: What About the Auditors?"Please download to view full document