What are the five elements of an effective professional judgment$$ process?

Question content area bottom

Part $1$

A$.$

$(1)$ Obtain the relevant$$ facts; $(2)$ Identify the facts and alternatives$$ available; $(3)$ Determine who is affected by the outcome and how each person or group is$$ affected; $(4)$ Idenfity the likely consequence of each$$ alternative; $(5)$ Decide the appropriate action.

B$.$

$(1)$ Identify and define the$$ issue; $(2)$ Gather the facts and$$ inormation, idenfity the relevant$$ literature, and perform the$$ analysis; $(3)$ Identify potential alternatives and make the$$ decision; $(4)$ Review and complete the documentation and rationale for the$$ conclusion; $(5)$ Present your findings.

C$.$

$(1)$ Identify and define the$$ issue; $(2)$ Gather the facts and information and identify the relevant$$ literature; $(3)$ Perform the analysis and identify potential$$ alternatives; $(4)$ Make the$$ decision; $(5)$ Review and complete the documentation and rationale for the conclusion.

D$.$

$(1)$ Plan and design an audit approach based on risk assessment$$ procedures; $(2)$ Perform tests of controls and substantive tests of$$ transactions; $(3)$ Perform substantive analytical procedures and test of details of$$ balances; $(4)$ Complete the$$ audit; $(5)$ Issue an audit report.