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Show the nature of professional scepticism

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Reference no: EM13325654

Audited financial statements play a key role in ensuring the credibility of financial information. However, the 2011-2012 ASIC Audit Inspection program identified problems with auditors 'professional scepticism'. Discuss the nature of professional scepticism and summarise the problems identified by the ASIC inspection program. Recommend regulatory or quality control procedures which could be implemented avoid similar problems in the future.

Reference no: EM13325654

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