Question 11 of 40

• The key element that protects an auditor against common law liability is:
• A.Adherence to generally accepted accounting principles (GAAP)
• B.Adherence to generally accepted auditing standards (GAAS)
• C.Compliance with threats and safeguards approach
• D.Maintain confidentiality of client information

Question 12 of 40

• Which of the following is NOT one of the four stages in an audit-related dispute?
• A.Events arise that create losses for the users of the financial statements
• B.Losses are linked to material misstatements of financial statements
• C.Legal process resolves the dispute
• D.Auditors legal liability leads to financial settlement