Instructor for this course
more

The public places high value 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.

Major Topics:

  • Understand the importance of professional skepticism, especially when performing audit or other attest services
  • Recognize specific fraud responsibilities in a financial statement audit
  • Explain the varying levels of persuasiveness of evidence to support assurance conclusions or opinions

Learning Objectives

  • Discover and discuss traits of a skeptical auditor.
  • Explore and explain applying professional skepticism on any assurance service.
  • Recognize and describe fraud, including examples of fraud indicators.
  • Identify and discuss the auditor’s responsibility for identifying and responding to fraud in a financial statement audit.
Last updated/reviewed: May 27, 2022

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

34 Reviews (165 ratings)Reviews

5
Anonymous Author
This course was a good review of professional skepticism. The examples were good and the speaker added some humor to the subject. The speaker did a great job1
5
Anonymous Author
This course was a good review of professional skepticism. The examples were good and the speaker added some humor to the subject. The speaker did a great job1
5
Member's Profile
Excellent coverage with great examples of professional skepticism and maintaining it throughout audit engagements. Kudos!!!!!
5
Member's Profile
This course was well worth the time. Maintaining professional skepticism is obviously easier said than done. All CPAs (not only auditors, be also those dealing with tax clients and those working in industry) should practice maintaining a sense of skepticism. The result will always be a better work product.
5
Anonymous Author
This was a good refresher on the topic of Professional Skepticism. Though an experienced auditor, I still learned some new things. I think it would also be a great course for new auditors to take.
5
Anonymous Author
I think that all people in accounting would benefit greatly from this course. I liked this course because it is a good reminder of what to look out for when auditing a client.
5
Anonymous Author
qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
4
Anonymous Author
I believe that these fraud classes are much more valuable than the annual ethics classes that our state board mandates that we have annually.
5
Anonymous Author
A very useful and helpful refresher on how important professional skepticism. If something appears off you should follow your instincts.
4
Anonymous Author
This gives a good crash course on how and where to apply professional skepticism in your day to day work. Extremely useful for auditors!
5
Anonymous Author
Material were relevant to the objectives, well taught and easy to follow. Appreciated the fun questions at the end of the sections.
5
Member's Profile
Great course relating to an attitude of professional skepticism and the need for it in detecting fraud. Easy to understand
4
Anonymous Author
gOOD HIGH LEVEL OVERVIEW OF PROFESSIONAL SKEPTICISM. Practical questions and examples help renforce the concepts.
5
Anonymous Author
Good case study examples in this Professional Skepticism course and how auditors should be viewing risk of fraud.
5
Anonymous Author
The course provides interesting examples of fraud and explains the auditor's role in identifying fraud and error.
5
Anonymous Author
This was a great course and was very informative. It was a good refresher on the area of professional skepticism.
5
Member's Profile
She is a great presenter and doesn't just read off the slides. She tries to make the presentation entertaining.
5
Member's Profile
I thoroughly enjoyed this course and look forward to utilizing the information in my job today.
4
Member's Profile
Good practical advice, and pertinent examples, but especially loved the brain break jokes!...
4
Member's Profile
Comprehensive review of attitude necessary to conduct audits with an open, questioning mind.
5
Anonymous Author
This course was refreshing. The instructor was effective in presenting the course matrials.
5
Anonymous Author
It would be nice to think we live in a world without fraud but that is wishful thinking.
4
Anonymous Author
This was a helpful overview of professional skepticism and its application. Thank you.
5
Anonymous Author
Interesting real world examples and helpful discussion of potential areas of fraud.
5
Anonymous Author
Provides a great reminder that we should always use professional skepticism.
5
Member's Profile
Good content and presentation, appreciate the dad jokes randomly tossed in.
5
Member's Profile
Good course on maintiaining professional skepticism throughout an audit.
4
Member's Profile
Well-balanced description of various concepts pertaining to the topic.
5
Anonymous Author
Good content - instructor was thorough and provided good case studies
5
Member's Profile
Great explanation of information and good examples of application
4
Member's Profile
good info, have to write more to get score, have to keep writing
5
Anonymous Author
Very useful refresher on maintaining professional skepticism.
5
Member's Profile
Very informative course. Well organized and presented.
5
Member's Profile
very good course well structured and good examples

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Professionals who perform audits or attest services.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:39Introduction to Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  16:13What is Professional Skepticism?
  21:57Applying Professional Skepticism
  7:21Professional Skepticism Case Studies
  8:39PCAOB Practice Alert Related to Professional Skepticism
  11:18Persuasiveness of Evidence
  11:26Auditors Responsibility for Fraud
  4:52Auditors Responsibility for Noncompliance
  13:30Real Life Examples of Fraud
  3:40Tips for Maintaining Professional Skepticism
Continuous Play
  1:39:35Professional Skepticism - Creating a Mindset for Finding Fraud and Error
Supporting Materials
  PDFSlides: Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  PDFProfessional Skepticism - Creating a Mindset for Finding Fraud and Error Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM