During the Course of an Audit, a CPA Discovers an Error

question 1722

Multiple Choice

During the course of an audit, a CPA discovers an error in a prior return. According to the Statements on Standards for Tax Services, the CPA should

• A) inform the IRS of the error, regardless of whether the client grants permission.
• B) correct the error in the current year's tax return.
• C) withdraw from the engagement.
• D) ask the client for permission to disclose the error to the IRS.

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Definitions:

Synonyms

Words that have different spellings and pronunciations but share the same or very similar meanings.

Credit the Source

The act of acknowledging and citing the original creator or source of information or ideas used in one’s own work.

Citation

A reference to the source of information or ideas, typically used in academic and research contexts to acknowledge original authors.

Paraphrase

To restate someone else's ideas or speech in your own words, maintaining the original meaning but using different words and structure.