Two Auditing in Practice features in the chapter highlight audit
Two Auditing in Practice features in the chapter highlight audit deficiencies related to tests of controls and substantive procedures that were noted in PCAOB inspection reports. See “The Need for Performing and Considering the Results of Tests of Controls” and “Not Performing Sufficient Appropriate Substantive Audit Procedures Leads to Low Audit Quality.” Obtain a recent PCAOB inspection report of one of the Big 4 firms. Select several audit deficiencies identified in the report and determine which phase of the audit opinion formulation process the deficiency relates to. Discuss how the fundamental principle of professional skepticism might have been helpful in avoiding such deficiencies.

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