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Monday, October 4, 2010

Professional Skepticism and Professional Judgement

Professional Skepticism: An attitude that includes:
  1. a questioning mind,
  2. being alert to conditions which may indicate possible misstatement due to error or fraud, and
  3. a critical assessment of audit evidence.
Professional Judgment: The application of relevant training, knowledge and experience, within the context provided by auditing, accounting and ethical standards, in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement.

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