The Failure of an Auditor to Disclose the Possible Obsolescence

question 287

True/False

The failure of an auditor to disclose the possible obsolescence of a firm's major product is a judgment call and not an ethical issue.

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Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, behaviors, and social skills appropriate to their society.

Values

Core beliefs or principles that guide an individual's behavior and decision-making, reflecting what is important to them.

Knowledge

Familiarity, awareness, or understanding of someone or something, such as facts, information, descriptions, or skills, which is acquired through experience or education.

Socialization

The process by which individuals learn and adopt the norms, values, behaviors, and social skills appropriate to their society or social group.