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A number of key issues arise in completing an audit engagement. For each of the issues listed below, identify (1) why the auditor is critically
A number of key issues arise in completing an audit engagement. For each of the issues listed below, identify (1) why the auditor is critically concerned with the issue; and (2) the auditors basic responsibilities regarding the issue.
- The management representation letter.
Primary reasons for concern:
Auditors basic responsibilities:
- Subsequent events.
Primary reasons for concern:
Auditors basic responsibilities:
- The audit clients status as a going concern.
Primary reasons for concern:
Auditors basic responsibilities:
- Contingent liabilities.
Primary reasons for concern:
Auditors basic responsibilities:
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