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Rex & Co., CPAs, has been engaged to audit the financial statements of Jones & Jones Transport, Inc.., a private entity. Which is the best
Rex \& Co., CPAs, has been engaged to audit the financial statements of Jones \& Jones Transport, Inc.., a private entity. Which is the best statement with respect to the standards of the profession that Rex must follow? A. Adherence to GAAS is necessary to avoid liability because they are court-established standards for auditors. B. Failure to adhere to GAAS in some circumstances may not constitute negligence. C. Failure to adhere to GAAS creates a presumption of negligence that cannot be overcome. D. Adherence to GAAS is conclusively presumed to be a complete defense to an action based on negligence
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