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Over time, auditors may develop trust and confidence in management, but it is important that audit firms establish an emphasis on the importance and appropriate application of professional skepticism, so that they fulfill their duty to investors.

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An auditor must exercise due professional care when completing work, which includes appropriate application of professional skepticism when identifying risks of misstatement, performing tests of controls and substantive procedures, and evaluating audit results to form the opinion in the audit report.

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Auditors need to keep a high level of professional skepticism throughout the entire audit process by having a questioning mindset especially in those areas that involve significant management judgements.

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The professional skepticism continuum may help improve/find the optimal balance of effectiveness and efficiency.

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This is an alert to remind auditors of the requirement to appropriately apply professional skepticism: (e.g. implementing and maintaining appraisal, promotion, and compensation processes that enhance rather than discourage the application of professional skepticism; assigning personnel with the necessary competencies to engagement teams; establishing policies and procedures to assure appropriate audit documentation, especially in areas involving significant judgments; and appropriately monitoring the quality control system and taking necessary corrective actions to address deficiencies, such as, instances in which engagement teams do not apply professional skepticism.)

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Firms' quality control systems can help engagement teams improve the application of professional skepticism, in ways such as tone-at-the-top, performance appraisal, etc.

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Firms' quality control systems can help engagement teams improve the application of professional skepticism, in ways such as tone-at-the-top, performance appraisal, etc.

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Auditors need to keep a high level of audit skepticism throughout the entire course of the audit by keeping a questioning mind and critical assessment of the evidence given by management and because of the importance of skepticism the PCAOB may take additional actions to enhance skepticism into the future.

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Auditors don't have to choose one attitude or level of professional skepticism for an entire audit, rather it is important for auditors to be able to take a different perspective depending on the particular situation.

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Professional skepticism involves inquiry and a unsubjective analysis of the audit evidence which makes it vital to conducting audits that follow PCAOB standards which as such makes it especially important when analyzing abnormal transactions or anything involving management judgements thus ensuring that there is reasonable assurance that financial statements are free of intentional and unintentional material misstatements.

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The PCAOB issued guidelines to help auditors fulfil the requirement to apply professional skepticism throughout their audits.

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The purpose of this alert is to remind auditors of the requirement to appropriately apply professional skepticism throughout their audits, which includes an attitude of a questioning mind and a critical assessment of audit evidence, especially in those areas of the audit that involve significant management judgments or transactions outside the normal course of business.

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This practice alert emphasizes adhering to PCAOB standards of professional skepticism during audits, which can be supplemented through quality control systems and engagement leadership, but is ultimately the responsibility of individual auditors.

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Auditors must approach an audit with a questioning mindset, design and execute procedures that enable the auditor to discover material misstatements, and balance efficient use of time resources.

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Professional skepticism is important in all aspects of the audit, it is particularly important in areas involving significant management judgements or transactions outside the normal course of business; it's also important as it relates to the auditor's consideration of fraud in an audit.

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Professional skepticism is important in all aspects of the audit, it is particularly important in areas involving significant management judgements or transactions outside the normal course of business; it's also important as it relates to the auditor's consideration of fraud in an audit.

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Auditors have to remain professionally skeptical, especially during the unusual transactions/assessing fraud risk parts of the audit and while it is up to the firm to instill strong quality controls, the ultimate responsibility to remain PS lies upon the auditors performing the test work.

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Professional skepticism is important throughout the audit, but especially important where there are management judgements-it can improve with the help of firms quality control systems.