This comprehensive course delves into the critical role of professional skepticism in the audit of financial statements. Developed in response to the increased emphasis by regulatory bodies, such as the International Auditing and Assurance Standards Board (IAASB) and the UK Financial Reporting Council (FRC), this course equips auditors with the necessary skills and mindset to approach audits with heightened skepticism. You will learn to cultivate a questioning mindset, recognize indicators of potential misstatement due to error or fraud, and critically assess audit evidence. Through practical examples and case studies, you will discover how to apply professional skepticism at different stages of the audit process, including engagement acceptance, risk assessment, evidence gathering, and opinion formation. Specific applications in fraud detection, accounting estimates, going concern assessments, related party transactions, and regulatory compliance will also be explored.
Join this course and become proficient in professional skepticism, elevating the quality of your audits and instilling public confidence in your work.
Course Key Concepts: Skepticism, Auditing, Mindset, Quality, Fraud, Estimates, Going Concern, Compliance.
Learning Objectives
- Recognize the importance of professional skepticism as a fundamental aspect of the auditor's mindset in the audit of financial statements.
- Identify the key factors and indicators that require auditors to apply professional skepticism during engagement acceptance, risk assessment, evidence gathering, and opinion formation stages of an audit.
- Explore practical techniques and strategies to cultivate a questioning mindset and critically assess audit evidence, enhancing the effectiveness of applied audit procedures.
- Discover specific applications of professional skepticism in fraud detection, accounting estimates, going concern assessments, related party transactions, and compliance with laws and regulations, enabling auditors to proactively identify potential risks of material misstatement.
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Prerequisites
No advanced preparation or prerequisites are required for this course.