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Safety-Kleen issued a major financial restatement in 2001. The next year, the company restated (reduced) previously reported net income by $534 million for the period
Safety-Kleen issued a major financial restatement in 2001. The next year, the company restated (reduced) previously reported net income by $534 million for the period 1997-1999. PwC withdrew its financial statement audit reports for those years. Do you believe that financial restatements and withdrawing an audit report are prima facie indicators that a failed audit has occurred? Explain.
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