Glover and Prawitt Paper Summaries by https://padlet.com/egriffith3/2au8o2mao5h4 en-us 2019-03-29 19:52:14 UTC 2026-01-23 19:08:33 UTC hello@padlet.com https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326024 The current definition of professional skepticism is ambiguous, and it does not address the idea that different situations require different amounts of skepticism. Therefore, the authors highlight the need for a professional skepticism continuum and improved standards.]]> 2019-04-01 18:06:13 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326024 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326432 Due to the lack of practical guidance surrounding professional skepticism, auditors should implement the proposed Skepticism Continuum so that they can enhance the level of professional skepticism applied in practice, which will lead to a much needed increase in overall audit quality.]]> 2019-04-01 18:06:58 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326432 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326500 Professional skepticism is often applied to an account/assertion based on a continuum ranging from neutral to complete doubt, and a risk assessment should be reevaluated throughout the audit in order to appropriately adjust the level of skepticism and audit evidence. 

]]> 2019-04-01 18:07:07 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326500 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326817 In order for financial reports to be reliable and trustworthy, regulators, educators, and external auditors must enhance the level of professional skepticism applied in practice.]]> 2019-04-01 18:07:43 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326817 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326851  
There is an increasing need of reliability financial reports, and in order to increase reliability auditors should implement a new skepticism continuum, which would increase the level of consistent skepticism among auditors that along with the help of academics, regulators and standard setters, should lead to more audit quality. 

]]> 2019-04-01 18:07:46 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326851 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326978  
Professional skepticism should be applied on a gradual continuum depending on the various audit and account characteristics, and this continuum model should be shared with all stakeholders in the financial reporting process in order to improve accuracy and reliability of financial statements. 

]]> 2019-04-01 18:08:02 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347326978 georgeliuyizhou https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327315 Enhancing the level of professional skepticism is crucial means of improving audit quality for auditors. PCAOB shall offer practical guidance around the appropriate application and documentation of professional skepticism in the professional literature.]]> 2019-04-01 18:08:40 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327315 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327325 The development of a PS continuum can help create a overreaching definition of professional skepticism where appropriate levels of PS can be selected and used depending upon the uncertainty of certain audit areas. ]]> 2019-04-01 18:08:40 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327325 The authors describe varying levels of professional skepticism which should be applied depending on the risk characteristics associated with the audit area and threats which may prohibit the appropriate application of prof skepticism at different structural levels. https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327448

]]> 2019-04-01 18:08:55 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327448 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327551 The level of professional skepticism determines the level of audit effort and amount of audit evidence that needs to be collected.]]> 2019-04-01 18:09:05 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347327551 Ope ! https://padlet.com/egriffith3/2au8o2mao5h4/wish/347328304  
The authors propose a “professional skepticism continuum” (complete trust, neutral, presumptive doubt, complete doubt) that states that the appropriate application of professional skepticism will depend on the risk characteristics, and that regulation can actually hinder skepticism if it does not properly focus on the relevant audit risks. 
]]> 2019-04-01 18:10:06 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347328304 https://padlet.com/egriffith3/2au8o2mao5h4/wish/347328646 To be exercise professional skepticism, it is important to incorporate  qualities of skepticism which include inquiry, observation, reflection, and ignoring personal biases and belief combined with due diligence and a standard of care.

]]> 2019-04-01 18:10:21 UTC https://padlet.com/egriffith3/2au8o2mao5h4/wish/347328646