Legacy systems are built around the idea of "best practices."

In allocating the difference between implied and book values, if the difference is more than needed to adjust all net assets to market values, then the excess is goodwill

a. true b. false

Due professional care calls for:

a. Detailed review of all transactions related to a particular function. b. Testing in sufficient detail to give absolute assurance that noncompliance does not exist. c. Consideration of the possibility of material irregularities during every engagement. d. Infallibility and extraordinary performance when the system of internal controls is known to be weak. e. Consideration of industry best practices on each engagement.