lowballing- self interest threat to objectivity

Use the AA notes also to remind yourself of what terms mean: “Objectivity in making professional or business judgments must not be compromised. They must avoid bias, conflict of interest and undue influence.”

The auditor has a self-interest not to make “a loss” on the audit …

“Is this piece of audit evidence sufficient? Or do I need something more persuasive? Hang on a mo … what’s the audit fee? Oh yes – I remember – this one’s ‘on the cheap’ – better put a tick in the box and move on to the next audit area …. ”

So with obvious implications for audit quality too.