Most accounting and auditing professionals
agree that when an audit has failed to
uncover material misstatements, and the
wrong type of audit opinion is issued, the
audit firm
a. Has failed to follow generally accepted
auditing standards (GAAS).
b. Should be asked to defend the quality of the audit.
c. Deserves to lose the lawsuit.
d. Should not be held responsible for the
financial loss suffered loss suffered by
others
agree that when an audit has failed to
uncover material misstatements, and the
wrong type of audit opinion is issued, the
audit firm
a. Has failed to follow generally accepted
auditing standards (GAAS).
b. Should be asked to defend the quality of the audit.
c. Deserves to lose the lawsuit.
d. Should not be held responsible for the
financial loss suffered loss suffered by
others