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Is the liability risk to CPAs/auditors appropriate too high, or too low.
Step by step
Solved in 3 steps
- How can an auditor reduce a client’s inherent risk?Is the auditor’s liability affected if the third party was unknownrather than known? ExplainThe risk that a client's financial statements are susceptible to material misstatements is a. control risk b. inherent risk c. audit risk d. none of the above
- How does the prudent person concept affect the liability of the auditor?What is in the nature of work of an auditor that puts his or her safety at risk? Answer in your own wordsWhat is meant by a “colorable claim”? Do you believe auditors should be liable for investor losses even if they follow generally accepted auditing standards?
- What are the differences between business failure, auditor failure, and audit risk? Is it fair to hold an auditing firm liable for any of these types of failures?Do you think that the provision of nonaudit services for a client with a failed audit is evidence of negligence? Explain.Do you think the concept of materiality is incompatible with ethical behavior? Consider in your answer how materiality judgments affect risk assessment in an audit of financial statements.