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Great Accounting Partners (GAP) is a mid-size audit firm. It has built up its audit work over the last eight years. During the last eight years, GAP has obtained new clients each year and many of its existing clients have grown. GAP has clients in many industries, but none of its clients are in the financial industry. At this month's planning meeting, the audit partners will consider whether they will tender for audit work for a potential new client that is operating in a financial industry.
Required:
Problem 1: Explain whether GAP Partners should tender for the audit work for the potential new client.
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