Which of the following audit deficiencies was identified most often in a study by the Center for Audit Quality of SEC imposed sanctions?
A)Failure to gather sufficient competent evidence
B)Failure to exercise due care
C)Insufficient level of professional skepticism
D)Failure to obtain adequate evidence related to management representations

Question

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The Center for Audit Quality study found that the most common audit deficiency was failure to gather sufficient competent evidence. This means that auditors were not able to gather enough evidence to support their conclusions and opinions about the accuracy of financial statements. This deficiency was identified in more than 65% of SEC imposed sanctions.

Which of the Following Audit Deficiencies Was Identified Most Often