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Threats To Professional Skepticism Practice Test
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Q1
A firm is performing an audit of an issuer company. Management pressures the engagement team to meet an accelerated reporting deadline and suggests that, because internal audit tested controls, the external auditor should reduce substantive testing without further evaluation; the engagement team is considering accepting this to avoid missing the filing date. What action should the auditor take to mitigate this skepticism threat?
A firm is performing an audit of an issuer company. Management pressures the engagement team to meet an accelerated reporting deadline and suggests that, because internal audit tested controls, the external auditor should reduce substantive testing without further evaluation; the engagement team is considering accepting this to avoid missing the filing date. What action should the auditor take to mitigate this skepticism threat?