Unformatted text preview: family, but he would be violating GAAP in the General and Field of Work Standards that state, “The auditor must exercise due professional care in the preparation of the report” and “The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.” The auditing firm could potentially lose a client due to failing to find a mistake, because of the amount of information pulled for the audit. That would affect anyone who worked on that team, if it impairs them from working on another client, or losing that client. If it is discovered, people would get bad evaluations and possible be terminated....
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- Spring '11
- Financial audit, External auditor, Auditing Firm, Brent Dorsey