The cаse wаs discussed eаrlier with the class. Please cоmment оn all оf the three questions below. Your response should be around 7-8 sentences. On December 9, 2003, Parmalat defaulted on a $184 million payment to bondholders. On December 17, 2003, the Bank of America announced that a U.S.$5 billion account that Parmalat claimed to have had with it in the Cayman Islands did not exist. Why did the audit procedure performed by Deloitte not uncover the Parmalat non-existent bank account? What is the possible reason that Deloitte overlooked this procedure? What should the board of directors have done differently to notice that the $5 billion dollar bank account did not exist?