Which of the following is NOT a concern that may arise from an audit firm completing an audit for a substantially reduced fee?
A) The audit firm is allocating sufficient time and qualified staff to the audit.
B) A lower quality of auditing
C) A more efficient audit can be conducted as the audit is completed within a budgeted time frame.
D) Compliance with applicable standards and quality control procedures

Question

Quizplus · Accepted Answer

A more efficient audit being conducted within a budgeted time frame could be a positive outcome, rather than a concern, as long as it does not compromise the quality of the auditing process. Therefore, option C is not a concern that may arise from an audit firm completing an audit for a substantially reduced fee. The other options, A, B, and D, are valid concerns that may arise from such a situation.

Which of the Following Is NOT a Concern That May