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Unformatted text preview: l statements, the client properly should adjust the financial statements. Since they are refusing to
do so, the auditor would most likely notify the board of directors of the situation in an attempt to
encourage the adjustment.
Choice "a" is incorrect. The auditor would only notify the creditors if the board of directors was unable to
facilitate the proper adjustment.
Choice "c" is incorrect. The auditor cannot issue revised financial statements; only the client can do that.
Choice "d" is incorrect. If the board of directors is unable to facilitate the proper adjustment, the auditor
would no longer allow the audit report to be associated with the financial statements, but the auditor
would not issue a revised report. 10
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This note was uploaded on 06/14/2013 for the course ACCOUNTING audit cpa taught by Professor Becker during the Fall '12 term at Keller Graduate School of Management.
- Fall '12