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Problem 1: An auditor of a company finds that there are rare and exceptional circumstances where they are unable to comply with a relevant requirement in an auditing standard. They are, however, able to perform appropriate alternative audit procedures. To whom do they have to report or document these circumstances?
Select one:
Option 1: If the auditor can use appropriate alternative audit procedures, no reporting or documentation is required.
Option 2: The auditor is required to document the circumstances in the audit working papers.
Option 3: The auditor is required to document the circumstances in the auditor's report.
Option 4: The auditor must report these circumstances to either management or the audit committee and obtain their agreement that the alternative procedures are appropriate.
If green moses industries' supplier shortens its discount period to five days, this will (increase,decrease) the cost of the trade credit.
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