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.

Grasp the principles of target costing and its role in setting selling prices.

Identify the impact of production outsourcing on product cost reduction.

Understand the elasticity of demand and its influence on pricing decisions.

Understand the various selection techniques and their application in organizational settings.