Explain the meaning of due professional care
Due professional care refers to the skill and care of a professional expected in an audit. Following Generally Accepted Auditing Standards (GAAS) is one benchmark for due professional care. However, following GAAS is not always sufficient. If a reasonably prudent person would have done more, the professional should do at least as much. Due professional care is also determined by evaluating whether someone with similar skills in a similar situation would have performed the same way as the auditor.
You might also like to view...
Prices tend to flatten out as products reach the ________ stage of the product life cycle
A) early growth B) maturity C) late growth D) decline E) introduction
A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania, from locally grown wood is an example of a ________
A) convenience product B) shopping product C) specialty product D) service E) core product
Which of the following accounts would not appear on a post-closing trial balance?
a. Retained Earnings b. Accumulated Depreciation c. Depreciation Expense d. Prepaid Rent e. All of these accounts would appear on a post-closing trial balance.
Punctuate the sentence correctly. The files have been posted on the companys FTP site