To exercise due care,an accountant should
A) Take continuing professional education classes.
B) Report whether the financial statements are in accordance with GAAP.
C) Gather enough audit evidence to have complete assurance that there is enough support for the opinion on the financial statements.
D) Conduct the engagement in accordance with GAAS and ensure that the engagement is completed on a timely basis.

Question

Quizplus · Accepted Answer

Taking continuing professional education classes and reporting on whether the financial statements are in accordance with GAAP are important aspects of an accountant's duties, but they do not fully encompass exercising due care. Exercising due care includes conducting the engagement in accordance with GAAS (Generally Accepted Auditing Standards) and ensuring that the engagement is completed on a timely basis. Additionally, gathering enough audit evidence is essential, but having complete assurance may not always be possible due to inherent limitations of an audit. Therefore, option D is the best choice as it specifically mentions the use of GAAS and emphasizes the importance of timely completion of the engagement, which are basic components of exercising due care.

To Exercise Due Care,an Accountant Should