The International Auditing and Assurance
Standards Board (IAASB) has released a new Q&A document to
stress the importance of professional scepticism among
auditors.
Professional Scepticism in an Audit of
Financial Statement focuses on the requirements and
application material in the International Standards on Auditing
(ISAs) and the IAASB’s quality control standard relevant to the
understanding and application of professional scepticism during an
audit of financial statements.
“The IAASB’s ISAs explicitly recognise the
fundamental importance of professional scepticism. Nevertheless,
adopting and applying a sceptical mindset is ultimately a personal
and professional responsibility to be embraced by every auditor.
Audit firms themselves have an important role to play in
cultivating a sceptical mindset in auditors, as do regulators,
oversight bodies, and those charged with governance.” IAASB
chairman Arnold Schilder said.
“The public expects high-quality audits. A
sceptical attitude enhances the auditor’s ability to identify and
respond to conditions that may indicate possible misstatement due
to error or fraud and critically assess audit evidence,” IAASB
technical director James Gunn added.
The IAASB’s paper also provides answers
regarding what auditors can do to enhance awareness and effectively
implement professional scepticism.
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