Answered step by step
Verified Expert Solution
Question
1 Approved Answer
None of the above. Question 28 iley, a member in industry, is the CFO of Deutsch Sales, Inc. The firm of Morgan & Francone, CPAs
None of the above. Question 28 iley, a member in industry, is the CFO of Deutsch Sales, Inc. The firm of Morgan \& Francone, CPAs is erforming an audit of the company for the year ended June 30,206. Morgan \& Francone is about conclude the audit engagement and issue their report on the June 30,206 financial statements. ley is aware of a number of irregularities in the company's books and records that would materially d negatively affect both the company's financial position and the results of operations for the lited year. However, the firm did not ask Riley specifically about these irregularities or request any rmation related to them. t is Riley's obligation to inform Morgan \& Francone regarding these irregularities? he concept of "don't ask, don't tell" applies here. If the firm did not ask, Riley has no obligation to inform them. iley must disclose the information to the firm. ley cannot disclose the information as it would be an act of insubordination against her employer. nly if Riley signed the representation letter would she be obligated to disclose the information to the audit firm. None of the above. Question 28 iley, a member in industry, is the CFO of Deutsch Sales, Inc. The firm of Morgan \& Francone, CPAs is erforming an audit of the company for the year ended June 30,206. Morgan \& Francone is about conclude the audit engagement and issue their report on the June 30,206 financial statements. ley is aware of a number of irregularities in the company's books and records that would materially d negatively affect both the company's financial position and the results of operations for the lited year. However, the firm did not ask Riley specifically about these irregularities or request any rmation related to them. t is Riley's obligation to inform Morgan \& Francone regarding these irregularities? he concept of "don't ask, don't tell" applies here. If the firm did not ask, Riley has no obligation to inform them. iley must disclose the information to the firm. ley cannot disclose the information as it would be an act of insubordination against her employer. nly if Riley signed the representation letter would she be obligated to disclose the information to the audit firm
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started