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Distinguish between audit risk and audit failure. Why is there at least some level of audit risk on every audit engagement?

REVIEW QUESTIONS 5-1 (OBJECTIVE 5-1) Lawsuits against CPA firms continue to increase. State your opinion ofthe positive and negative effects of the increased litigation on CPAs and on society. 5-2 (OBJECTIVE 5-2) Distinguish between audit risk and audit failure. Why is there at leastsome level of audit risk on every audit engagement? 5-3 (OBJECTIVE 5-3) […]

Identify quality control standards and practices within the accounting profession.

TASK 1 Describe the nature of CPA firms and what they do. 2-2 Describe the structure of CPA firms. 2-3 Understand the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes–Oxley Act on the CPA profession. 2-4 Summarize the role of the Securities and Exchange Commission in accounting and auditing. […]

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