Why is it important from an auditing perspective that an auditor be required to adjust the financial statement amounts for some material subsequent events?

Write 6 to 7 sentences for each question.

1) Why is it important from an auditing perspective that an auditor be required to adjust the financial statement amounts for some material subsequent events? If an auditor fails to live up to this standard, what is the potential liability exposure for the auditor?

2) Read the article on frivolous tax arguments at https://www.irs.gov/site-index-search?search=tax+arguments&field_pup_historical_1=1&field_pup_historical=1

What do you find interesting or disturbing?

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