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Conflict of interest may be relevant to the audit of financial statements of a closely-held company. What would be the impact on the audit opinion

Conflict of interest may be relevant to the audit of financial statements of a closely-held company. What would be the impact on the audit opinion if the auditor did NOT uncover the fraud? Do you think the particular item would be easily discovered by the auditor in the normal course of their audit? Why or why not?

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