Gert,an Accountant,contracts to Conduct an Audit for Hailey

question 36

Multiple Choice

Gert,an accountant,contracts to conduct an audit for Hailey.In per?forming the audit,Gert fails to detect certain misconduct.Gert is most likely

• A)liable if a normal audit would have revealed the misconduct.
• B)liable if Gert issues a specifically qualified opinion.
• C)not liable if Gert generally disclaims any liability.
• D)not liable if the misconduct was due to Hailey's negligence.

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Definitions:

Business Model

A plan or framework that outlines how a company creates, delivers, and captures value, essentially describing how it operates and makes money.

Value

The ratio of perceived benefits to price; or Value = (Perceived benefits ÷ Price).

Mission Statement

A short statement of an organization's purpose, defining its goals, ethical values, and primary objectives for its target audience.

Objective Goal

A specific, measurable, attainable, relevant, and time-bound target that an individual or organization aims to achieve.