The objectives of the engagement partner's communication with the audit team include:
A)maintaining an adversarial atmosphere between the auditor and management.
B)complying with SEC rules.
C)complying with FASB rules.
D)emphasizing the importance of professional skepticism.

Question

Quizplus · Accepted Answer

The objectives of the engagement partner's communication with the audit team include emphasizing the importance of professional skepticism. This is because professional skepticism is critical to the performance of an audit. It ensures that the audit team maintains an objective and critical perspective on the information provided by management, which helps to mitigate the risk of material misstatement in the financial statements. Therefore, the engagement partner's communication should aim to emphasize the importance of professional skepticism to the audit team. The other options listed - maintaining an adversarial atmosphere between the auditor and management, complying with SEC rules, and complying with FASB rules - are not primary objectives of the engagement partner's communication with the audit team.

The Objectives of the Engagement Partner's Communication with the Audit