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Explain how the auditor legal liability

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In her article about possible changes to the legal liability of auditors due to the modification of GAAS and the audit report as a result of The Clarity Project, Nancy Reimer points out that although the goal of the clarified standards is to make GAAS easier to read, understand and apply, the new modified standards establish a higher standard of care. A failure to meet these modified standards could increase a practitioner exposure to legal liability. Explain how the auditor legal liability might increase as a result of changes to the audit report discussed in Chapter 5.

Reference no: EM13866308

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