If Subsequent to the Issuance of an Audit Report and Financial

question 69

True/False

If subsequent to the issuance of an audit report and financial statements facts comes to the auditor's attention that would have materially affected the audit report and the financial statements had those facts been known at the time,then the auditor should ask the client to inform regulatory agencies and users not to rely on the financial statements and to reissue those financial statements.

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Definitions:

Engineering Expertise

Specialized knowledge and skills in the field of engineering that contribute to the design, construction, and maintenance of structures, systems, or products.

Environmental

Pertaining to the natural world and the impact of human activity on its condition.

CAD Requirements

Specifications and criteria needed for the effective use of computer-aided design technology in drafting and design processes.

Holding Cost

The expenses associated with storing unsold goods or materials, including warehouse space, insurance, spoilage, and opportunity costs.