Professional Skepticism Discuss How the Concept of Professional Skepticism Affects the Nature

question 30

Essay

Professional Skepticism
Discuss how the concept of professional skepticism affects the nature of procedures performed on account balances that contain the highest risk of material misstatement? In addition,discuss how should professional skepticism affect the judgment of the auditor when assessing the susceptibility of the financial statements to material misstatement due to fraud?

---

Definitions:

Agreement

The state or condition of having the same opinion or reaching a mutual decision among individuals or groups.

Physically Attractive

Possessing qualities or features that are aesthetically pleasing or appealing to the senses, often influencing social perception and interactions.

Preferences

Individual likes, choices, or inclinations regarding various options, which influence decision-making and behaviors.

Display Wealth

The act of showing off one's economic status through luxury goods, attire, or lifestyle.