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.

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Definitions:

Usual

Usual refers to what is common, customary, or typically occurs in a given context, frequently encountered or expected based on past experiences or norms.

Self-handicapping Strategy

A cognitive strategy where an individual deliberately impedes their own progress towards a goal in order to maintain self-esteem in the face of failure.

Self-esteem

The subjective evaluation of one's own worth or value, often affecting confidence and mental health.

Excuses

Justifications or reasons given to explain why something was done or not done, often to avoid blame or responsibility.