During the review of Ligands first-quarter financial statements for 2004, the Deloitte auditors learned that the company

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During the review of Ligand’s first-quarter financial statements for 2004, the Deloitte auditors learned that the company had significantly underestimated its future sales returns at the end of 2003. What responsibility, if any, did this discovery impose on the Deloitte auditors?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Contemporary Auditing

ISBN: 978-1285066608

8th edition

Authors: Michael C. Knapp

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