Audit failure only occurs if the client goes bankrupt.

Name: Audit failure only occurs if the client goes bankrupt.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

Audit failure can occur even if the client does not go bankrupt. It occurs when the auditor fails to detect material misstatements in the financial statements resulting in an incorrect opinion being expressed. This can lead to legal and financial consequences for both the auditor and the client.

Audit Failure Only Occurs If the Client Goes Bankrupt