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Question

An auditor's engagement letter most likely would include:

Accepted Answer

Management's acknowledgment of its responsibility for maintaining effective internal control.

Answer

The auditor's preliminary assessment of the risk factors relating to misstatements arising from fraudulent financial reporting.

Answer

A reminder that management is responsible for illegal acts committed by employees.

Answer

A request for permission to contact the client's lawyer for assistance in identifying litigation, claims, and assessments.

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