Question: Assuming that management and the attorney's assessments differ, how would you resolve such differences when assessing the potential for an unfavorable outcome associated with the

Assuming that management and the attorney's assessments differ, how would you resolve such differences when assessing the potential for an unfavorable outcome associated with the claim? What are the pros and cons of relying on the attorney's assessment versus management's assessment?

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As a first step the auditors should provide management with a copy of the attorneys response letter Given that management is responsible for the finan... View full answer

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