The Auditor Does Not Have an Obligation to Use Professional

question 11

True/False

The auditor does not have an obligation to use professional skepticism for significant assumptions used by actuaries since they are independent from management and are also professionals.

---

Definitions:

New Buy

A purchasing situation characterized by a customer buying a product or service for the first time, often involving extensive decision-making and research.

Reverse Auctions

A buying process where sellers bid to provide goods or services to a buyer, with prices typically decreasing as the auction progresses.

Downward Pressure

A situation in which there is a driving force causing prices or values to decrease, often seen in markets or economics.

Buyers

Individuals or entities that purchase goods or services.