"If you need love, get a puppy"\ Homework Assignment 1\ *** To complete the assignment you will need to answer the questions below within Canvas in the assignment labeled HW 1 by the due date listed in Canvas and in our Course\ Calendar. Be sure to check your answers carefully before hitting the submit button and to follow any formatting instructions in order to receive full credit.

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\ The key to the detection of the fraud in this case may have been Will's professional skepticism. According to PCAOB AS 1015 , paragraph .07 , what is professional skepticism?\ Go to the PCAOB website - pcaobus,org, select Auditors, Auditing Standards, and AS 1015: Due Professional Care in the Performance of Work and find paragraph . 07 You do not need to re-paraphrase in your own words - I want you to give me the definition in the standards.\ 2. Identify one condition present in the case that could have limited Will's choice to exercise skepticism. (Be sure to answer the question being asked - this is NOT asking what he did to exhibit professional skepticism, this is asking what could have prevented him from choosing to be professionally skeptical).\ 3. Which of the following best describes the auditor's reaction to the questionable transactions involved in the case?\ The auditor accumulated more evidence and investigated the matter further\ The auditor resigned from the engagement\ The auditor ignored the questionable transactions\ The auditor determined that the questionable transactions were of an immaterial amount and continued auditing as usual\ Materiality on this engagement was\ (looking for a

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2. Identify one condition present in the case that could have limited Will's choice to exercise skepticism. (Be sure to answer the question being asked - this is NOT asking what he did to exhibit professional skepticism, this is asking what could have prevented him from choosing to be professionally skeptical). 3. Which of the following best describes the auditor's reaction to the questionable transactions involved in the case? - The auditor accumulated more evidence and investigated the matter further - The auditor resigned from the engagement - The auditor ignored the questionable transactions - The auditor determined that the questionable transactions were of an immaterial amount and continued auditing as usual