The Auditor's Responsibility for Uncovering Direct-Effect Illegal Acts Is the Same

question 92

True/False

The auditor's responsibility for uncovering direct-effect illegal acts is the same as for errors and fraud.

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Definitions:

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.

Quantum Meruit

A legal principle that means "as much as he deserves," used to determine fair compensation for services rendered without a specific contract.

Estoppel

A legal principle that prevents a person from arguing something contrary to a claim or a statement they have previously made and on which another party has relied.

Consideration

Something of value that is given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.