Professional Scepticism
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Auditors may find this summary of resources of use in applying professional skepticism in the course of their engagements
Links to resources on the IAASB’s, IESBA’s and IAESB’s websites:
IESBA
IFAC
- Article: Research Insights – Auditor Professional Scepticism Part I: Incentives and Time
- Article: Research Insights – Auditor Professional Scepticism Part II: Mindset, Prompts, and Environmental and Contextual Factors
- Article: Research Insights – Auditor Professional Scepticism Part III: Competence (Fraud Detection), Traits, and Conclusions & Future Research
- Staff Questions & Answers – Professional Scepticism in an Audit of Financial Statements (Note that this document was issued in 2012 therefore may not be up to date, but may still be of use to auditors)
- Accounting Education Insights – How Can We Become Better Skeptics?
- Accounting Education Insights – Unconscious Bias and Professional Scepticism
- Exploring the IESBA Code Installment 11 – The Role and Mindset Expected of Accountants – A Focus on Bias | IFAC
Related communiques
13 January 2017 – Standards News Omnibus: New Auditor’s Report Q&A and Resources which can be used for applying Professional Skepticism
*** The IAASB commenced its initial information gathering on the topic of professional scepticism in June 2015. The issues identified and discussed at the IAASB meetings are part of the Invitation to Comment on Enhancing Audit Quality in the Public Interest which was issued in December 2015.
The working group comprised representatives from the IAASB, the International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB) to explore the topic of professional scepticism, enabling the three independent standard-setting Boards to consider what actions may be appropriate within their collective Standards and other potential outputs to enhance professional scepticism.
Together with the Quality Control project and the ISA 600 – Group Audits project, this Professional Scepticism project is part of the Audit Quality Enhancements Coordination Group (AQECG) of the IAASB. The AQECG intends to coordinate the various inputs to the invitation to comment developed at the individual working group level, and take a holistic approach as to how the matters are presented in one invitation to comment.