This addresses audits of high-risk clients.
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In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
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Solution Summary
The solution determines which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors.
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Section 100, which is "Independence, Integrity, and Objectivity," and Section 50, "Principles of Professional Conduct," are most likely to be broken when auditing a high-risk client. Section 50 extensively covers protecting the public interest (Section 53). This is a very crucial point in auditing a high-risk client. Even though auditors are supposed to remain independent and objective in order to protect the public interest, they oftentimes don't because matters of greed are given priority by the auditor instead of ...
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