Washington Mutual was also acquired by PwC audit client JPMorgan and Merrill Lynch was bought, under duress, by Bank of America, another PwC audit client.

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Does the relationship result in the accountant acting as management or an employee of the audit client?

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Deloitte provided reports of their 10-Q reviews for audit client Merrill Lynch prior to its absorption by Bank of America and for client Bear Stearns prior to its absorption into JPM Chase.

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