Question: KPMG has publicly stated that the main accounting issues raised in the Xerox case do not involve fraud, as suggested by the SEC; rather they

KPMG has publicly stated that the main accounting issues raised in the Xerox case do not involve fraud, as suggested by the SEC; rather they involve differences in judgment.
(a) What is meant by the term professional judgment?
(b) Which of the questionable accounting manipulations used by Xerox involved estimates?
(c) Refer to professional auditing standards and describe the auditor's responsibilities for examining management-generated estimates.

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