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Exercise 3 The following three statements are representative of attitudes and opinions sometimes encountered by CPAs in their professional practices. Evaluate each of the statements and indicate [1] Areas of agreement with the statement, if any, and [2] Areas of misconception, incompleteness, or fallacious reasoning included in the statement, if any. Place your answer in the box provided Today's audit consists of testing only selected transactions. This is dangerous because testing depends upon the auditar's judgment, which may be defective An audit can be relied upon only if every transaction is verified 1. 2. An audit by a CPA is essentially negative and contributes to neither the gross national product nor the general well-being of society. The auditor does not create but merely checks what someone else has done One should rad the footndtes to financial statements, even though they are aften preented in technical language and are incomprehensible The auditor may reduce exposure to third-party liability by stating sonething in the footnotes that contradicts completely what has been presented in the halance shet ar income stat ement. 3