Which of the following statements is true concerning auditors’ responsibilities during the audit?
A. Auditors must exercise the level of care, skill, and judgment expected of a reasonably prudent auditor under the circumstances.
B. Auditors must plan the audit to gather sufficient competent evidence to guarantee the accuracy of the financial statements.
C. Auditors are strictly liable for failures to discover client fraud.
D. Auditors are not liable unless they commit gross negligence or intentionally disregard generally accepted auditing standards.
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