As increasing numbers of lawsuits against auditors are demonstrating, the public accountant incurs very real risks as

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"As increasing numbers of lawsuits against auditors are demonstrating, the public accountant incurs very real risks as auditor of a corporation. In his or her own interest, the auditor should be more aware of the factors that must be considered in any attempt to measure the risk of an audit engagement." What factors affect the risk of a specific audit engagement? Explain each briefly.

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