Question: Question 4 (20) a. There are certain basic principles regarding the reliability of auditing evidence. Explain each of these basic principles and give an illustrative

Question 4 (20)

a. There are certain basic principles regarding the reliability of auditing evidence. Explain each of these basic principles and give an illustrative example of each principle. (10)

b. Auditing standards outline a three-component approach for auditing accounting estimates. (1) identify and explain each component of this approach; and (2) provide an illustrative example of how this approach could be applied to a specific type of accounting estimate made by company management. (10)

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