Auditors cannot effectively satisfy the responsibilities principle requiring due care if they have not also satisfied the performance principle.

Question

Quizplus · Accepted Answer

The responsibilities principle requires auditors to exercise due care and perform their work with competence and professional skepticism. The performance principle requires auditors to obtain sufficient and appropriate audit evidence to support their opinion on the financial statements. Therefore, if auditors have not satisfied the performance principle, they cannot reliably ensure that they have met the due care standard.

Auditors Cannot Effectively Satisfy the Responsibilities Principle Requiring Due Care