Auditors sailing into unchartered waters
ICAEW manager Katharine Bagshaw looks at key concerns over how auditors can maintain professional scepticism during the 2020 reporting season.
Auditors are used to thinking the unthinkable. Demonstrating professional scepticism has always involved asking what can go wrong, what might in fact have gone wrong and what is the worst-case scenario.
The problem is that one unthinkable has already happened. Asking what more can or might go wrong involves pushing the worst-case view into territory that no one is familiar with.