1) The regression model should be estimated _______.

a) based only on predicted future data to ensure it can be used to make predictions for the current period

b) based only on forecasted data to ensure it can be used to make predictions for prior periods

c) based only on historical data to ensure it can be used to make predictions for prior periods

d) based only on historical data to ensure it can be used to make predictions for the current period

2) Professional skepticism relates to _______.

a) the concept that the auditors should look to make sure all statements and assertions are of substance

b) the notion that the auditors should always believe any management assertions

c) the notion that the auditor should view the work of the prior auditor with doubt

d) the notion that the auditors should not believe any management assertions until they are proven