Question

Explain the following concepts and give examples where relevant:

1. Integrity & Objectivity
2. Professional Skepticism
3. The Big 4 (not more than 200 words)

Answer 1

A) is that objectivity is the state of being objective, just, unbiased and not influenced by emotions or personal prejudices while integrity is steadfast adherence to a strict moral or ethical

example for integrity Is Honesty Always Best? Honesty is an optimal example of integrity in the workplace. Honesty encourages open communication between employers, employees and co-workers. It leads to effective relationships in an organization.Objectivity is a noun that means a lack of bias, judgment, or prejudice. ... I can show objectivity about a box of rocks; it's much harder to show it with my dog. The opposite of objectivity is "subjectivity," which is personal bias or opinion.

B)Professional skepticism is the state of mind which is ready for the situation that grabs out the errors or questions the financial events and other events while conducting an assurance engagement. It's basically a skill just like the professional judgment which makes the auditor alert for any particular situation.Professional scepticism includes being alert to, for example: Audit evidence that contradicts other audit evidence obtained. Information that brings into question the reliability of documents and responses to inquiries to be used as audit evidence. Conditions that may indicate possible fraud.

C) Big 4 usually refers to the four largest accounting and auditing firms: PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. These certified public accounting (CPA) firms perform most of the audits which are required of U.S. corporations having stock that is publicly traded.