An Attitude That Includes a Questioning Mind and a Critical

question 320

Multiple Choice

An attitude that includes a questioning mind and a critical assessment of audit evidence is called:

• A) Operational skepticism
• B) Audit skepticism
• C) Professional skepticism
• D) None of the above

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Definitions:

Ledger

A compilation or record of financial transactions kept in a book or collection of accounts.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including the balance sheet, income statement, and cash flow statement.

Chart of Accounts

A systematic listing of all accounts used in the accounting system of a company, categorizing all financial transactions.

Net Income

Represents the total earnings of a company after all expenses and taxes have been deducted from revenue.