Why is professional skepticism important for auditors? Give two case examples.
Answer to relevant QuestionsWhat evidence could the verbal enquiry audit procedure produce in Audits 12.1, 12.2, and 12.3?In fixed asset management and accounting, which functional responsibilities should be delegated to separate departments or management levels?In substantive auditing, why is the emphasis on the completeness assertion for liabilities instead of on the existence assertion as in the audit of assets?Why should auditors be concerned with the adequacy of casualty insurance coverage of an auditee’s physical property? Consider the following examples of inventories in various businesses:1. Pharmaceuticals in a drug company2. Fine chemical compounds in a biotechnology company3. Software in an information technology development company4. New ...
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