The judgement in the Pacific Acceptance case was wide-ranging and covered procedures that should exist in a normally competent audit.Which of the following is not accurate concerning procedures listed in the judgement?
A) Promptly report fraud or warn of suspicion of fraud whether material or not.
B) Closely supervise and review the work of inexperienced staff.
C) Be very wary about reporting bad news to shareholders always keeping in mind it can affect the value of their investment.
D) Audit the whole of the year, not just the year-end balances.
Correct Answer:
Verified
Q7: Which case prompted the development of more
Q28: Classify each of the following threats as
Q33: In Segenhoe Ltd, the company claimed that
Q34: Which of the following is true regarding
Q35: A possible form of discipline not found
Q36: The so-called 'deep-pockets' theory in relation to
Q38: Which case laid down the fundamental auditing
Q39: In an audit engagement, which of the
Q40: Auditors are accountable in law for their
Q41: A.Explain the impact that the Pacific Acceptance
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents