If an Audit Firm Accepts or Continues to Provide Audits

question 47

True/False

If an audit firm accepts or continues to provide audits to a client firm with ineffective internal controls over financial reporting, the management representation letter will note that an adverse opinion will likely be issued.

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Definitions:

Proportionality

A principle that dictates that the severity of the punishment should be directly proportional to the seriousness of the crime committed.

Drone Attack

A type of military action or targeted killing carried out using unmanned aerial vehicles (UAVs).

Damage Inflicted

Harm or injury that is caused deliberately or as a result of an action or event.