Question: A significant concern for auditors as it relates to auditing long-term liabilities is accounts requiring management estimates due to the possibility of management bias. Research

A significant concern for auditors as it relates to auditing long-term liabilities is accounts requiring management estimates due to the possibility of management bias.

Research and summarize ISA540 and AU-C 540. For each standard, identify the indicators of possible management bias. Discuss whether the presence of an indicator of management bias means there is a material misstatement.

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