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Which of the following statements best describes the auditors responsibility regarding the detection of fraud? Explain with reasons for both The auditor is responsible for

Which of the following statements best describes the auditors responsibility regarding the detection of fraud? Explain with reasons for both

The auditor is responsible for the failure to detect fraud only when an unmodified auditors opinion is issued.

The auditor must plan the audit so as to have a reasonable expectation of discovering material fraud.

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