New flashing or old flashing or...

Per course requirements, as outlined in “Structural Issues for Home Inspectors”, I submit the following photo for your review and comment.
This is a stone veneer chimney extending thru the roof of a two story structure. The roof covering is not original to the house. The roofing was about 6 years old at the time of photo. Evidence of water intrusion was noted in the living room vaulted ceiling, at and near a round, exposed metal flu, leading to a decorative and functional fireplace directly below in the middle of the LR floor. The “original” flashing is assumed to be behind the stone veneer. The “New” flashing was improvised from a galvanized drip edge and generous quantities of silicone caulk.