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Title: Which of the following is an accurate statement regarding audit risk, audit failure, and business failure? Post by: msidhu on Jul 18, 2022 Which of the following is an accurate statement regarding audit risk, audit failure, and business failure?
▸ Audit risk is always avoidable if the audit is conducted in accordance with generally accepted auditing standards. ▸ Because auditors gather evidence on a test basis, and because well-concealed frauds are difficult to detect, audit risk is unavoidable. ▸ Legal precedent makes it easy to determine who has the right to recover losses in the event of an audit failure. ▸ A business failure will always result in an audit failure. Title: Which of the following is an accurate statement regarding audit risk, audit failure, and business failure? Post by: schmience on Jul 18, 2022 Content hidden
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