#1 Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate…

#1 Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions. Briefly describe the substance-over-form concept exactly what it requires. What responsibility, if any, do auditors have when a client violates this principle.

The substance over form concept focuses on the usage of the substance or verification materialwhich helps prove or substantiate the transaction without being more concerned about the formof the…

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