Remote auditing – professional scepticism, fraud and error
The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on professional scepticism, fraud and error.
Pressure on auditors not to 'make the situation worse' for struggling companies may come at the same time as audit risk is heightened and the control environment is stressed. This is likely to be compounded by the need for auditors to ask particularly difficult questions of management, and to perform the audit differently.
Professional scepticism dictates that auditors should substantiate claims by management, not simply accept what they are told at face value, nor only look for evidence which corroborates judgements made by management. The risk of fraud and error in financial reporting may be heightened.
Continue reading
This content is not freely available. To access 'Remote auditing – professional scepticism, fraud and error' you need to be one of the following:
-
ACA student
-
This content is available to ACA students. If you want to start the ACA qualification there are several routes you can take
-
Audit and Assurance Faculty
-
Stay ahead of the curve with our expert guidance, trusted technical resources and practical insights.
-
Business and Finance Professional
-
An internationally recognised designation and professional status from the ICAEW.
-
ICAEW member
-
Gain access to world-leading information resources, guidance and local networks. 98% of the best global brands rely on ICAEW chartered accountants.