Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

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Answer 1

Question

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

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Answer 2

Question

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

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Answer 3

Question

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

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Answer 4

Question

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

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Answer 5

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

Answer 6

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.

Answer 7

Chapter C12, Problem 1DQ

To determine

Analyze and rationalize the exercise of due care and professional skepticism by the auditors of Firm FH.

Answer 8

Expert Solution & Answer

Explanation of Solution

The responsibilities principle of the auditor’s state “maintaining professional skepticism and exercising professional judgment throughout the planning and performance of the audit”.

However, this was not executed with due care and there was absence of professional skepticism by the auditors of Firm FH. They had failed to inspect the assets of the Company BLMIS, confirm the investments and object to the divergence from the standard principles by the Company BLMIS.