Question
Which of the following statements concerning noncompliance with laws and regulations by clients is correct? Whether an act constitutes noncompliance with laws and regulations is
Which of the following statements concerning noncompliance with laws and regulations by clients is correct?
Whether an act constitutes noncompliance with laws and regulations is a matter of auditor judgment.
An auditor has responsibility to detect noncompliance with laws and regulations that has a direct effect on the financial statements.
An auditor has no responsibility to detect noncompliance with laws and regulations that has an effect on the financial statements.
An audit in accordance with generally accepted auditing standards normally includes audit procedures specifically designed to detect noncompliance with laws and regulations having any effect on the financial statements.
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
