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The auditor is always concerned with the prospect of legal liability in the conduct of their audit and their resulting audit report. Discuss the differences

The auditor is always concerned with the prospect of legal liability in the conduct of their audit and their resulting audit report. Discuss the differences between audit risk and audit failure. What steps can the auditor take to protect themselves from future liability from the following : a. The Client b. 3rd Party Beneficiaries c. The SEC

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