The principles underlying an audit conducted in accordance with GAAS as developed by the ASB and the IAASB include all of the following except

Multiple Choice

The auditor should maintain professional skepticism and exercise professional judgment throughout the planning and performence of the audit.

The auditor should obtain sufficient appropriate audit evidence about whether material misstatements exist in the financial statements.

The auditor should plan and conduct the audit to obtain assurance that the financial statements are free of any misstatement.

The auditor should have appropriate competence and capability to perform the audit.

While you can use AnswerConnect to verify your answer, I want you to use ChatGPT $($or another Al$)$ initially when answering this question.

K$.$C$.$ Schwartz is a huge college football fan. In past years, K$.$C$.$ purchased football tickets in the secondary market. This year, he decided to join the university's ticket program, which requires a $$2,000$ contribution to the university for the "right" to purchase tickets. K$.$C$.$ will then pay $$500$ per season ticket. K$.$C$.$ recalls that some contributions to universities are deductible. Given that K$.$C$.$ knows you are studying accounting in school, K$.$C$.$ has approached you to see if you know how much of this expenditure can be deducted as a charitable contribution.