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The Auditing Standard Asa 200 Essay

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The Auditing Standard ASA 200 (2015) defined Professional Scepticism as an attitude that: • includes a questioning mind; • being alert to conditions which may indicate possible misstatement due to error or fraud, and; • being critical to assessment of evidences. AUASB (2012) explained Professional Scepticism, as a fundamental mindset to finance professionals that enables professionals to be vigilant in any circumstances and situations that may lead to financial report be materially misstated. This mindset enables the appropriate implementation of professional judgement in audit decisions such as audit strategies and detailed plans, the assessment of evidence, the evaluation of management’s judgements and forming conclusions (AUASB 2012).

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