Recent Posts • Latest Topics • Unanswered Questions

Several months after an unqualified audit report was issued, the auditor discovers the financial ...

tw1gg

wrote...

Go to Answer

Posts: 130

Rep:

A year ago

Several months after an unqualified audit report was issued, the auditor discovers the financial ...

Several months after an unqualified audit report was issued, the auditor discovers the financial statements were materially misstated. The client's CEO agrees that there are misstatements, but refuses to correct them. The CEO claims that "confidentiality" prevents the CPA from informing anyone. Which of the following statements is correct?

▸ The CEO is correct and the auditor must maintain confidentiality.

▸ The CEO is incorrect, but since the audit report has been issued, it is too late to correct the report.

▸ The CEO is correct, but to be ethically correct, the auditor should violate the confidentiality rule and disclose the error.

▸ The CEO is incorrect, and the auditor has an obligation to issue a revised audit report, even if the CEO will not correct the financial statements.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

Read 78 times

1 Reply

Report

Replies

Answer verified by a subject expert

marlboroman

wrote...

Posts: 137

Rep:

A year ago

More solutions for this book are available here

Report

Related Topics

tw1gg Author

wrote...

A year ago

Correct

fxinternational

wrote...

Yesterday

Thanks

julymontalvo

wrote...

2 hours ago

Just got PERFECT on my quiz

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1201 People Browsing

111 Signed Up Today

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

243

206

413

Your Opinion

Previous poll results: What percentage of nature vs. nurture dictates human intelligence?

Strange Ingredients Lurking in Doritos Chips

Courses by Biology Forums

The Toxic Skin and Fungi Defense

Bonobos, Chimpanzees, and the 98% DNA Link

It's sore throat season, why does my mucus have red spots?

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.