Due professional care requires auditors to
A) Obtain independent, third party (non-client) documentation as evidence for all information presented in the financial statements.
B) Exercise professional skepticism during the audit.
C) Disregard any evidence generated by the client during the audit.
D) Find every error contained in the financial statements prepared by management.

Question

Quizplus · Accepted Answer

Professional skepticism is a fundamental principle of auditing and requires auditors to approach the audit with a questioning mind and a critical assessment of audit evidence. This helps auditors to identify any potential material misstatements in the financial statements. Obtaining independent third-party documentation is not always necessary and may not be possible for some information presented in the financial statements. Disregarding evidence generated by the client during the audit is not a requirement; rather, the auditor should consider all audit evidence obtained during the audit. Finding every error in the financial statements is virtually impossible, but the auditor should aim to obtain reasonable assurance that the financial statements are free from material misstatement.

Due Professional Care Requires Auditors to