Multiple Choice
There are many important reasons to diligently plan for an audit.If an audit firm wrongly skips the planning stage of an audit,what will be detrimental relative to fraud?
A) The firm will not be able to apply GAAP to the financial statements.
B) The firm will not adequately identify the types of fraud that may occur in the client company.
C) The firm will not be able to perform direct tests of account balances.
D) The firm will lack the competency and technical training necessary to complete the audit in accordance with GAAS.
Correct Answer:
Verified
Correct Answer:
Verified
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