Refer to the Professional Judgment in Context feature at the outset of the chapter, which features details on the Ernst&Young-UK audits of Thornton Precision Components from 2004-2006.
a. What is the role of auditing standards and their underlying principles in promoting a quality audit?
b. How does the fundamental concept of professional skepticism relate to audit quality?
c. What audit evidence is necessary for opining on a client's financial statements?
d. How does audit documentation provide evidence related to audit quality?
e. What audit activities are conducted during the audit opinion formulation process to provide reasonable assurance about a client's financial statements?
f. How does professional judgment and ethical decision making contribute to audit quality?