Professional Skepticism Must Be Maintained Only If the Auditor Suspects

question 33

True/False

Professional skepticism must be maintained only if the auditor suspects fraud.

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Definitions:

Escalation Of Commitment

The phenomenon where individuals or organizations continue to invest time, money, or resources into a failing project, decision, or endeavor.

Losing Ventures

Businesses or projects that fail to generate a profit or achieve their intended outcomes, often leading to financial loss or closure.

Rock Layers

Stratified layers of rock, each of which can represent a period of deposition in the Earth's geological history.

Fracture

The breaking or cracking of a material, often rock or bone, into two or more pieces under stress or impact.