Why might a breach of contract cause of action be brought against an auditor?
Answer to relevant QuestionsWhat defense is typically used?What are the possible penalties for intentional (willful) material misstatements of financial statements under the 1933 Act? The 1934 Act?What is the auditor’s concern regarding a company that lacks a competent management team?When a benchmark approach is used to set materiality at the financial statement level, why are different benchmarks used for different types of entities, or companies in different entities? Why might some audit procedures need to be performed exactly at the end of the fiscal year?
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