Assume You Completed Your Fieldwork on the XYZ Company Audit

question 95

Essay

Assume you completed your fieldwork on the XYZ Company audit of the December 31, 2025 financial statements on February 11, 2026.On February 13, 2026, you discovered that XYZ's largest customer filed for bankruptcy.XYZ has not yet released the financial statements.What is your responsibility as an auditor and what steps should be taken, if any?

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Definitions:

Sympathetic Listener

Someone who actively listens and shows empathy towards another's feelings or situations, providing emotional support without judgment.

Therapeutic Response

The outcome or changes following a treatment or intervention, reflecting the effectiveness or impact on the patient's condition or symptoms.

Anxiety And Discomfort

Feelings of worry, nervousness, or unease, often about an imminent event or something with an uncertain outcome.

Coping Mechanisms

Strategies or behaviors employed by individuals to deal with stress, difficulties, or trauma.