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Let's say that my friend's company prepared financial statements for their auditors and management omitted vital about a product that was malfunctioning and could cause

Let's say that my friend's company prepared financial statements for their auditors and management omitted vital about a product that was malfunctioning and could cause lawsuits.If management does not disclose this knowledge in their financial statements, what concepts are being violated and what impact does it have?Is there a way that this violation could have been detected and if so, how?

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