Answer the following statements true (T) or false (F)
1. Uncertainty situations may cause audit reports to be modified (qualified) for departures
from GAAP.
2. Generally accepted accounting principles are based on the going-concern concept.
3. The tendency to exaggerate the inevitability of causal sequences is known as the
availability heuristic.
4. Auditors are susceptible to judgmental biases because of the use of shortcuts or
heuristics in the reasoning process.
5. A lack of neutrality by management in the preparation and presentation of information is known as estimation uncertainty.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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