Question: If audit teams are unable to apply an auditing procedure to an account balance or class of transactions, the audit team should first: Attempt to

If audit teams are unable to apply an auditing procedure to an account balance or class of transactions, the audit team should first:

  • Attempt to determine whether alternative auditing procedures are available and can be applied.

  • Withdraw from the engagement and issue a disclaimer of opinion.

  • Assess the materiality of the scope limitation.

  • Notify individuals currently relying on the financial statements that the statements may no longer be relied upon.

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