Juring the audit of Green Corporation, the auditors have completed substantive testing and noted numerous...
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Accounting
Juring the audit of Green Corporation, the auditors have completed substantive testing and noted numerous misstatements present n the client's financial statements. Based on this finding, which of the following courses of action may the auditors decide to take? Generally accepted auditing standards require the auditors to notify the client's internal audit function, so follow-up procedures can be performed at a later date. The auditors may decide to evaluate misstatements in light of the performance materiality assigned to the related accounts. The auditors are likely to disclaim an opinion on the client's financial statements, in order to preserve the reputation of the firm. The auditors are likely to increase their levels of substantive testing to the populations of the client's accounts to increase the level of assurance they can offer
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