Refer to the Professional Judgment in Context feature Deficiencies in Auditing Debt Obligations and Stockholders Equity Accounts:
Question:
a. What risks of material misstatement were present in the case?
b. What are the auditor’s responsibilities related to auditing retained earnings? What procedures should the auditor have performed?
c. Identify ways in which the audit team appeared to have a lack of appropriate professional skepticism.
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a A needed increase in warranty reserves is likely an action that the client would want to avoid Thi...View the full answer
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Related Book For 
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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