a) State three factors that have affected the incidence of lawsuits against auditing firms in recent years. b) b) Distinguish between business failure and audit risk. Why is business failure a concern to auditors? c) c) Discuss why many auditing firms have willingly settled lawsuits out of court. What are the implications to the profession? NB: PLEASE ANSWER QUESTION A,B AND C

Litigation against audit firms can be filed by a variety of parties, including lenders,…

Answered: a) State three factors that have…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a) State three factors that have affected the incidence of lawsuits against auditing firms in recent years. b) b) Distinguish between business failure and audit risk. Why is business failure a concern to auditors? c) c) Discuss why many auditing firms have willingly settled lawsuits out of court. What are the implications to the profession?





NB: PLEASE ANSWER QUESTION A,B AND C

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