When an investigation of the discovery of facts existing at the report date confirms the existence of the fact and the auditor believes the information is important to those relying or likely to rely on the financial statements, the auditor should immediately:
A) take steps to prevent future reliance on the audit report.
B) notify the SEC or other regulatory agency.
C) notify the audit committee.
D) resign from the engagement.
E) take no action since the auditor is not responsible for such matters.

Question

Quizplus · Accepted Answer

The Answer of When an investigation of the discovery of facts existing at the report date confirms the existence of the fact and the auditor believes the information is important to those relying or likely to rely on the financial statements, the auditor should immediately:
A) take steps to prevent future reliance on the audit report.
B) notify the SEC or other regulatory agency.
C) notify the audit committee.
D) resign from the engagement.
E) take no action since the auditor is not responsible for such matters.

When an Investigation of the Discovery of Facts Existing at the Report