Assume that you are a senior on an engagement and a member of your team has posed the following questions to you. How would you respond? Also discuss the relevance of professional skepticism.
a. I have tested the first 25 items in the sample of 39. All 25 are free of misstatement. Do I need to test the remaining 14 items?
b. I have identified one misstatement in the sample. Based on discussions with the client, that misstatement is really unique and it is not likely that there would be similar misstatements in the population. Do I need to project that misstatement to the population?