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Answer the following questions about financial statement restatements. a. What are financial statement restatements? b. When should financial statements be restated? c. Assume the auditor

Answer the following questions about financial statement restatements.

a. What are financial statement restatements?

b. When should financial statements be restated?

c. Assume the auditor has determined that prior financial statements need to be restated. What disclosures and other information should be communicated to shareholders, investors, and creditors about this matter?

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