Auditing standards prohibit the auditor from issuing a, Ask an Expert

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Auditing standards prohibit the auditor from issuing a report if not independent. An interresting situation can arise if a member of the audit team loses independence just before the report is issued...sometimes unintentionally such as a family member being employed by a client. Should the audit firm be punished for such actions by an employee? Is it fair? Are the rules regarding independence too strict?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963604

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