Auditing A Risk Based Approach
Quiz 14: Activities Required in Completing a Quality Audit
If omitted audit procedures cannot be performed, the auditor should extend previous work done and modify the report, if necessary.
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If an omission of an important audit procedure is discovered, the auditor should immediately issue a disclaimer of opinion for the audit.
Typically, omissions may be discovered when audit documentation is reviewed as part of an external or internal review program.
When it is discovered that an important audit procedure was not performed, the SEC imposes sanctions against the audit firm responsible.
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