Critical and central to all audits, professional scepticism is a topic that is heavily debated within and outside the accountancy profession. These resources are intended to help auditors in applying and demonstrating a sceptical mind set in their audits, as well as move the debate forwards.
Progressing the debate
How can scepticism be improved? Based on a series of interviews with practitioners, we get their take on what needs to be done to enhance scepticism, including key takeaways and a challenge to other stakeholders to do more to help.
Featured articles
- How to do reverse stress testing
A guide for entities on how to carry out reverse stress testing. - How entities and auditors use reverse stress testing
Considers how an entity might use the results of an RST exercise.
Practical guidance and training tools
Guidance
- Documentation of significant professional judgements in an ISA audit
There are many documentation requirements in International Standards on Auditing but the extent of documentation of judgement is a particularly critical area for auditors. This guide helps auditors understand why professional judgement is important and the extent to which they need to document it. - Management override in an ISA audit
The term “management override” refers to the ability of management and/or those charged with governance to manipulate accounting records and prepare fraudulent financial statements by overriding these controls, even where the controls might otherwise appear to be operating effectively. This guide looks at how auditors assess the risk of management override and their response to it. - Letters of support
Frequently asked questions for auditors on letters of support.
Webinars
- The importance of scepticism
This webinar looks at the consequences of a lack of scepticism in audits. It covers:
- Where (and when) does scepticism start and finish?
- What does scepticism look like?
- Why do we need scepticism?
- How do we demonstrate scepticism?
- Practising ethics webinars
Practising Ethics webinars are designed for ACA students to watch when they have completed each module of the Ethics Learning Programme. Each webinar complements the Ethics Learning Programme modules and has been designed to develop ethics and professional scepticism skills within the workplace. - ICAEW pep talks
A series of pep talks to help support ACA students on everything from developing assertiveness to adding value in the workplace. Perfect if you’ve got a spare 10 minutes; whether you’re waiting for a bus, about to go in to an important meeting, or simply need a boost.
ICAEW training films
Our training films, False Assurance and Without Question provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations.
What are standard setters doing about it?
- Toward enhanced professional scepticism
This publication outlines observations about the current environment and sets out actions the global standard-setting board s will take, as well as the role that other stakeholders can play, in enhancing professional scepticism. - IAASB Working Group on Professional Scepticism
Papers, discussion and information from IAASB’s Working Group. - IAASB’s Invitation to Comment: Enhancing audit quality in the public interest
A focus on professional scepticism, quality control and group audits. - Role and Mindset Expected of Professional Accountants (formerly Professional Skepticism)
- Revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) have been made to better promote the role and mindset expected of all professional accountants. The revisions are effective from 31 December 2021. IESBA has published a factsheet providing an overview of the revisions.
Other resources
- Industry guides
Do you need to find industry specific information for a client or to gain an understanding of a new market for business? ICAEW members and students can use the Library & Information Service guides to help kick-start their search. - Company research
Keep up-to-date with the latest information on your client’s industry, competitors and markets.