Audit firms must be profitable and at the same time manage audit risk at a sufficient level

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Audit firms must be profitable and at the same time manage audit risk at a sufficient level to remain in business. Explain the tension between "making money" and managing the risk of the audit firm, and how the audit firm can minimize that tension. How might partner compensation affect audit risk?
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Related Book For  answer-question

Auditing A Business Risk Approach

ISBN: 978-0538476232

8th edition

Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg

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