Question 4. For each of the four audit situations that follow, determine which judgement shortcut or tendency is most relevant and briefly describe the likely consequences of using the shortcut. IV. An audit n (Ctrl) with approaching the client to discuss the possible need for write-downs ou levar a cu-varded assets. To her surprise, the client has already prepared a detailed schedule examining the assets in question and has modeled fair value using three different valuation approaches. Based on these analyses, the client has proposed a relatively small write-down. The analysis appears to be well thought-out and carefully performed. The audit manager checks the numbers in each valuation model and finds that there are no mathematical errors. The manager concludes that the client's proposed write down is adequate