Question

This is a question for someone who has auditing experience:

Ch 2 Q 1

1.    Discuss the Responsibilities principle. Be sure to include its major elements.

Answer 1

The basic principle of responsibility is related to "Personal integrity" and "Professional Qualification".

As per responsibility principle,

• auditors are responsible for having sufficient knowledge , competence , skill and capability to do audit in a proper manner.
• auditor should comply with the ethical requirement, means he should be independent.
• auditor should maintain "professional skepticism" means critical assessment of audit evidence and put appropriate questions to client.
• auditor should exercise professional judgement in planning and performing the whole audit process.