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Under common law, when performing an audit, a CPA: Question 1 Answer a . Must exercise the level of care, skill, and judgment expected of
Under common law, when performing an audit, a CPA:
Question Answer
a
Must exercise the level of care, skill, and judgment expected of a reasonably prudent CPA under the circumstances.
b
Must strictly adhere to generally accepted accounting principles.
c
Is strictly liable for failures to discover client fraud.
d
Is not liable unless the CPA commits gross negligence or intentionally disregards generally accepted auditing standards.
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