After an Audit Report Is Issued,the Auditor Discovers Through a Peer

question 40

Multiple Choice

After an audit report is issued,the auditor discovers through a peer review that an important audit procedure has been omitted.In this case,what should the auditor do?

• A)Notify all parties known to be relying on the report.
• B)Immediately request the client recall the report.
• C)Contact his or her professional liability insurance carrier.
• D)Determine whether the report can still be supported in light of the omitted procedure.

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Definitions:

Identity Theft

The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Foreign Bank Account

A bank account located in a country outside of the account holder's country of residence, often used for savings, investments, or international business transactions.

Jurisdiction

The official power to make legal decisions and judgments, often within a specified area or over certain types of cases.

Cyber Crime

A crime that occurs online, in the virtual community of the Internet, as opposed to the physical world.