 Show Get the answer to your homework problem. Try Numerade free for 7 days University of North Carolina at Chapel Hill We don’t have your requested question, but here is a suggested video that might help. Related QuestionWhat is the difference between a scientific theory and a hypothesis? Why do scientists refer to basic scientific principles as "theories" rather than "facts"?
DiscussionYou must be signed in to discuss. Video TranscriptDo scientists mean the same thing as non scientists when they use words like theory, hypothesis or that this video will discuss the difference between a scientific theory and a hypothesis. A hypothesis is part of the scientific method. If you look over here, the scientific method involves six different parts observation, question hypothesis, prediction, experimentation and conclusion hypothesis is the third step. The definition of hypothesis is part is a proposed explanation for the phenomenon. It can be proven through experimentation. While a theory is a general and reliable explanation of important natural phenomenon that has been developed through extensive and reproducible observation and experimentation, you can see the definition right here, the hypothesis in the theory. So if you are thinking about it in a timeline, it would go pretty much like this. While doing the scientific method. You would have a hypothesis as time went on. If your hypothesis was proven true, it would turn into a theory. Scientists do not call their principles or theories facts. This is this is because they can be disproved with enough evidence. A theory can be modified or discarded.
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Which principle does the code pertain to? Terms in this set (28)Honor the public trust, maintain the public confidence in the audit report and the audit process. Public Interest A distinguishing mark of a profession is acceptance of its responsibility to the public. Public Interest The collective well-being of the community of people and institutions the profession serves. Public Interest Those who rely on certified public accountants expect them to discharge their responsibilities with integrity, objectivity, due professional care, and a genuine interest in serving the public. Public Interest Free of conflicts of interest that could impair objectivity and integrity. Must be independent "in fact and appearance" Independence The second general standard is: In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors Independence Auditor must be without bias with respect to the client since otherwise she/he would lack that impartiality necessary for the dependability of her/his findings, however excellent her/his technical proficiency may be. Independence A judicial impartiality that recognizes an obligation for fairness. Independence It is of utmost importance to the profession that the general public maintain confidence in the independence of independent auditors. Independence Public confidence would be impaired by evidence that independence was actually lacking, and it might also be impaired by the existence of circumstances which reasonable people might believe likely to influence independence. Independence Must be free from any obligation to or interest in the client, its management, or its owners. Independence Should avoid situations that may lead outsiders to doubt their independence Independence A strong sense of "doing the right thing". Do not subordinate your judgment to others. Tell the truth. Integrity Due professional care requires the auditor to exercise professional skepticism. Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence. The auditor uses the knowledge, skill, and ability called for by the profession of public accounting to diligently perform, in good faith and with integrity, the gathering and objective evaluation of evidence. Integrity The auditor neither assumes that management is dishonest nor assumes unquestioned honesty. In exercising professional skepticism, the auditor should not be satisfied with less than persuasive evidence because of a belief that management is honest. Integrity Impartial, unbiased. Do not be unduly influenced by factors that are not related to the decision at hand. Objectivity Rule 102—Integrity and objectivity. In the performance of any professional service, a member shall maintain objectivity (impartial and unbiased) and integrity, shall be free of conflicts of interest (independence) and shall not knowingly misrepresent facts or subordinate his or her judgment to others (integrity) Objectivity The independent auditor's objective is to obtain sufficient competent evidential matter to provide him or her with a reasonable basis for forming an opinion. In the great majority of cases, the auditor has to rely on evidence that is persuasive rather than convincing Objectivity Diligence, competence, thorough, prompt. Perform as a prudent person would perform under the circumstances. Due care The third general standard is: Due professional care is to be exercised in the planning and performance of the audit and the preparation of the report. Due care With reasonable care and diligence. Due care Holding himself out to the public as possessing the degree of skill commonly possessed by others in the same employment. Due care But no man, whether skilled or unskilled, undertakes that the task he assumes shall be performed successfully, and without fault or error; he undertakes for good faith and integrity, but not for infallibility, and he is liable to UCF his employer for negligence, bad faith, or dishonesty, but not for losses consequent upon pure errors of judgment. Due care Concerns what the independent auditor does and how well he or she does it. Due care An auditor should possess "the degree of skill commonly possessed" by other auditors and should exercise it with "reasonable care and diligence" (that is, with due professional care) Due care Auditors should be assigned to tasks and supervised commensurate with their level of knowledge, skill, and ability so that they can evaluate the audit evidence they are examining. Due care The auditor with final responsibility for the engagement should know, at a minimum, the relevant professional accounting and auditing standards and should be knowledgeable about the client. Due care The auditor with final responsibility is responsible for the assignment of tasks to, and supervision of, assistants Due care Sets with similar termsChapter 13 auditing37 terms adrielle_de_castro Edexcel health and social care unit 785 terms Rebecca_McBustedFan HOSA Ethical & Legal consideration17 terms banana2015618 Liability quiz14 terms KatharineGrimes Sets found in the same folderAUD Section #236 terms adam204 Gleim 234 terms Summer5557 SOA Table 5 - Auditor Independence19 terms Lwells14 Gleim 248 terms Summer5557 Other sets by this creatorExit Exam46 terms Lwells14 ASC 606 - Revenue from Contracts w/Customers35 terms Lwells14 Tax Research - Exam 2 (Ch.14)25 terms Lwells14 Tax Research - Exam 162 terms Lwells14 Other Quizlet setsSHRM-CP Test40 terms kncapel Vascular midterm review for final33 terms Brianna_Garrison3 Unit 9-Cancer39 terms itsalexxaa_ Impeachment28 terms SabrinaBentele Related questionsQUESTION It is sometimes permissible to bring about a bad outcome as the side-effect of your actions, even if it would be wrong to bring about the same outcome intentionally 4 answers QUESTION T/F? Cultural relativism describes how customs differ from culture to culture. 2 answers QUESTION Be able to discuss the grounds on which abortion was sanctioned in the Roe v Wade case (see PowerPoint presentation). In which year did it take place? 3 answers QUESTION Cultural relativism is the same as cultural diversity? 15 answers What does professional skepticism mean?Professional skepticism is an attitude that includes a questioning mind and a critical assessment of audit evidence.
What is professional skepticism and why is it important to auditors?Professional skepticism is an essential attitude that enhances the auditor's ability to identify and respond to conditions that may indicate possible misstatement. It includes a critical assessment of audit evidence.
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What is the difference between exercising “due care” and “exercising professional skepticism”?
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