Professional Skepticism
6 important questions on Professional Skepticism
Professional Skepticism (PS)
What does the model in this article describes?
Incentives favoring PS
- Regulatory enforcement by PCAOB, SEC and regulatory bodies
- Litigation
- Consequent reputation loss that reduces an audit firm’s ability to attract clients and maintain higher fees for audit services.
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Offsetting incentives reducing PS
- Low costs
- Long relationship
- Future employment
- Future oppotunities for non-audit fees
What are determinants of skeptical action?
- Audit planning decisions
- Adjustment decisions
- PS in judgment vs action
- A trade-off between elements
How can auditing firms enhance professional skepticism
- Hiring
- Training
- Performance evaluation and promotion
- Review and consultation
- Decision Aids
- Changing Incentives
- Changing tasks and institutions
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
