Question: 1. How does the prudent person concept affect the liability of auditors? 2. Is the auditors liability affected if the third party was unknown rather

1. How does the prudent person concept affect the liability of auditors?

2. Is the auditors liability affected if the third party was unknown rather than known? Why or why not?

3.What are compensating controls and how do they relate to segregation of duties and internal control? Give some examples if you can find some.

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