Auditors Still Challenged by Professional Skepticism

Recommendations for Firms, Standards Setters, and Regulators

In BriefAlmost 40 years ago, the term “professional skepticism” was added to the audit literature as part of the process to improve the detection of accounting errors and irregularities. Fast forward to recent years, which have witnessed increased criticism from regulators that the accounting profession is not “skeptical enough.” This article provides a history and analysis of the concept of professional skepticism and recommends how to improve audit results in the future.

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