Professional Skepticism – Finding Fraud & Error

Description

Professional Skepticism – Creating a Mindset for Finding Fraud and Error is a critical skill for audit and other attest services. The public places a high value on assurance services provided by an external public accountant, as the CPA’s involvement directly enhances the degree of confidence intended users can place on the financial statements to make economic decisions. A proper mindset, including professional skepticism, is a critical feature of a high-quality audit or other attest service. Professional skepticism is an essential attitude that enhances the ability to identify and respond to conditions that may indicate possible material misstatement, whether due to fraud or error.

Required Knowledge: None

Advanced Preparation: None

Who Should Attend: Appropriate to use as a part of audit skills training for beginning auditors or as a refresher for experienced professionals on the critical role professional skepticism plays in audit and other assurance services.

Objective

After attending this presentation, you will be able to...

• Identify traits of a skeptical auditor
• Recall applying professional skepticism on any assurance service
• Recognize fraud, including examples of fraud indicators
• Identify the auditor's responsibility for identifying and responding to fraud in a financial statement audit

Credit Types

Auditing: 2