The accounting firm of Cane and Co., was hired to perform an audit on Prestige Foods. During the course of its audit Cane and Co discovered that the inventory of the company was overvalued. When Cane and Co. approached Prestige Foods’ president about the improper valuation, he became enraged and told Cane and Co that if they did not accept the valuation, they would not be paid. Cane and Co are thinking about not reporting the problem on their audit report. Discuss the implications of not reporting what Cane has learned about Prestige Foods.
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