Identify Each of the Following Statements as Being Related to the Responsibilities

question 1

Short Answer

Identify each of the following statements as being related to the responsibilities (RSP),performance (P),or reporting (RPT)principles.
______ 1.Evaluating audit firm personnel's independence with respect to a prospective client.
______ 2.Gathering sufficient,appropriate evidence.
______ 3.Exercising an appropriate level of professional skepticism.
______ 4.Issuing a qualified opinion because of a material,yet not pervasive,departure from GAAP.
______ 5.Establishing materiality levels for use in determining the amount of evidence to be gathered.
______ 6.Considering the susceptibility of the account balance to misstatement to assess the risk of material misstatement.
______ 7.Possessing the appropriate competence and capabilities to perform the audit.
______ 8.Considering whether a scope limitation precludes sufficient evidence to allow an opinion to be expressed on the entity's financial statements.
______ 9.Planning the work to provide reasonable assurance that the financial statements are free from material misstatement.
______ 10.Evaluating the potential relationships between the auditor and family who are employed by the entity.

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Definitions:

Value

A specific piece of data, often numerical, representing the magnitude, quantity, or importance of a variable or parameter in a process or calculation.

Source

The origin from which something comes, such as electricity in an electrical circuit, or data in an information system.

Destination

The term Destination in the context of automation and control systems refers to the target location or variable where data or control signals are directed.

Stored Value

A stored value refers to a quantity or information that is saved or retained in a storage system or medium for future use.