solved Unit 3: Professional Standards/ Responsibilities – Q & A (Links

Unit 3: Professional Standards/ Responsibilities – Q & A (Links to an external site.)Reminder–if you look something up–CITE YOUR SOURCE, including “active” links (use the linking icon) and specific section or page numbers. Other student’s posts cannot be seen until you have made your response. Additional reply posts that you make to your original post will also be considered in grading your question.Remember to respond to the posts of others and and answer any questions they ask before the final deadline. You can also “Reply” to your own post to add to or change part of your answer. Use bullet points when possible for clarity–points will be subtracted for wordy, run-on answers and poor form. This is a 4 part question.a reminder: Please do not copy my questions in your answers–just use appropriate and informative sentence structure to answer the question. Here is an example of good form for an answer:I. The responsibilities of the State Board of Accountancy include:licensing first-time applicants……Chapter 4 and Chapter 5 questionsQ & A for Chapter 4: Question: a) Comment on the statement, “Independence is not easily achieved where an auditor is hired, paid, and fired by the same corporate managers whose activities are the subject of the audit.” b) How might financial incentives in the form of client services unconsciously introduce auditor bias into the independent audit function? Give some specific real-life examples.Q & A for Chapter 5: Question: a) Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and fraud.b) What role does materiality have in determining the proper reporting and disclosure of such events?