logo

Audit and Assurance Assignment : Professional Skepticism

10 Pages2119 Words43 Views
   

Added on  2021-04-21

Audit and Assurance Assignment : Professional Skepticism

   Added on 2021-04-21

ShareRelated Documents
Running head: AUDIT AND ASSURANCEAudit and AssuranceName of the StudentName of the UniversityAuthor’s Note
Audit and Assurance Assignment : Professional Skepticism_1
1AUDIT AND ASSURANCETable of ContentsIntroduction......................................................................................................................................2Importance of Professional Skepticism...........................................................................................2Barriers and Application of Professional Skepticism......................................................................4Conclusion.......................................................................................................................................6References........................................................................................................................................7
Audit and Assurance Assignment : Professional Skepticism_2
2AUDIT AND ASSURANCEIntroduction Professional Skepticism is considered as an integral part in the audit profession (Bowlin,Hobson and Piercey 2015). Professional Skepticism is considered as the particular attitude of theauditors that includes questioning mind and to be alert that is important in detecting materialmisstatements caused by errors or fraud; this is also helpful in the assessment of audit evidences.The main aim of this report is to analyze and evaluate the increasing importance of professionalskepticism in achieving audit ethical principles (Hurtt et al. 2013). The report also sheds light onlegislative guidance in the process of applying professional skepticism.Importance of Professional SkepticismIn the audit profession, Professional Competence and Due Care are considered as one ofthe major ethical principles. In the presence of professional competence and due care, it is theobligation on the auditors to maintain skills and professional knowledge while providingprofessional services (Grenier 2015). At the same time, they are required to act diligently bycomplying with the required laws and regulations of auditing. Most importantly, all these aspectstogether help in maintaining the quality of the audit operations. In this context, it needs to bementioned that there is a relation between professional competence and due care andprofessional skepticism. At the time of providing the auditing services, the auditors are requiredto apply professional judgment in order to deal with different kinds of auditing circumstances. Inthe presence of professional skepticism, the auditors of the companies become able in theapplication of different kinds of professional judgments in the making of different auditdecisions like the development of audit strategies, assessment of the audit evidences, evaluationof the judgment of the management and many others (Glover and Prawitt 2014). Thus, in the
Audit and Assurance Assignment : Professional Skepticism_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Auditing and Assurance | Assignment 2
|8
|1494
|18

Audit and Assurance | Assignment-2
|9
|1527
|11

Audit and Assurance | Assignment-1
|9
|1467
|22

Audit and Assurance Report 2022
|10
|1554
|13

Professional Skepticism PDF
|13
|3475
|14

Auditing and Risk Assurance - Doc
|11
|2828
|22