Solved: Whats the difference between business failure and audit, Accounting Basics

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Whats the difference between business failure and audit

Question -

1. What is an ethical dilemma? How can a person solve an ethical dilemma?

2. Which consulting or non-audit services are prohibited for the auditors of public companies? Why do you think such restrictions are in place?

3. What's the difference between business failure and audit risk? Why should auditors be concerned about business failure?

4. What is meant by contributory negligence? Under what conditions might this be a successful defense?

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Accounting Basics: Whats the difference between business failure and audit

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