Professional Skepticism During the Financial Statement Audit Requires an Appropriate

question 48

Multiple Choice

Professional skepticism during the financial statement audit requires an appropriate state of mind: being impartial and objective and continuing to be throughout the whole audit engagement.Which of the following illustrates an appropriate state of mind?

• A)not having any ownership in the client's shares or being a debt-holder
• B)carefully assessing documents and not being the company's advocate
• C)matching documents to make sure that they are accurate and fair
• D)being aware that there could be material misstatements in the financial statements

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Definitions:

Capitalism

An economic model where capital goods are owned by individuals or corporations, with investments made based on personal choices, and where the pricing, creation, and distribution of products are primarily influenced by competitive forces in an unregulated market.

Ideological Control

The methods by which dominant groups maintain power through the dissemination and embedding of their values and beliefs into the fabric of society.

Feminist Theories

A range of theoretical perspectives that seek to understand the nature of gender inequality, advocating for women's rights, interests, and issues.

Social Equals

Individuals or groups who are considered to have the same status in society, without significant differences in power, wealth, or rights.