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CPE Self-Study
New Staff: Core Concepts - Introduction to Professional Skepticism
NASBA FIELD OF STUDY
Auditing
LEVEL
Intermediate
CPE CREDITS
Online: 2.0
What exactly is this mind-set of professional skepticism? This CPE course presents a case study approach to illustrate and delve into some of the answers to this fundamental question.

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Product details

Who Will Benefit?

  • Experienced Staff and New In-Charge Auditors

Key Topics

  • The Link Between Professional Skepticism And Professional Judgment
  • Impediments To Professional Skepticism
  • Promoting Professional Skepticism In Firm Quality Control Systems
  • How Is The Profession Responding?

Learning Objectives

  • Recall what professional skepticism is and why it is important, and review the requirements in U.S. auditing standards for professional skepticism.
  • Recall the connection between professional skepticism and professional judgment.
  • Identify situations that impede or foster your exercise of professional skepticism and how unconscious bias may affect an auditor's professional skepticism.
  • Recognize how to minimize unconscious bias that may affect an auditor's professional skepticism.
  • Recognize actions taken by the profession, firms, and others to enhance the exercise of professional skepticism.

This CPE course can be purchased individually, or as a part of the Audit Staff Essentials - New Staff: Core Concepts staff training bundle.

Audits of financial statements and other company information (for example, internal control over financial reporting) play a critical role in society. They provide assurance to investors, lenders, donors, insurers, and other stakeholders who have minimal access and insight into the company's finances and operations. The audit firm provides that assurance by putting the company's information through a rigorous examination as dictated by the appropriate professional standards. As a member of the audit profession, you play a vital role in applying a skeptical mind-set to the work you perform.

This is not to say that exercising professional skepticism is easy, because that is not necessarily the case. Auditors must strike a delicate balance: providing objective and independent service—what is, in essence, a search for the truth—while maintaining a good relationship with the company being audited, specifically the company's management and board of directors. The relationship must be respectful, and the parties must be truthful with each other, or it will quickly break down.

We know that professional skepticism is important, foundational, and critical—and that without it, we have not performed a proper audit. But what exactly is this "mind-set of professional skepticism" and how do we know that we have it and that we are exercising it appropriately? Throughout this chapter and that of the companion module, Audit Staff Essentials New Staff: Practical Application, "Application of Professional Skepticism," the text will present a case study approach to illustrate and delve into some of the answers to this fundamental question.

Ratings and reviews
Author(s)

Lynford Graham, CPA, Ph.D., CFE

Lynford Graham, CPA, Ph.D., CFE is a CPA with more than 35 years of audit practice and policy development experience. He is a visiting professor of accountancy at Bentley University in Waltham MA. Dr. Graham is a member of the AICPA and a past member of the Auditing Standards Board. He chaired the task forces for AICPA Guides Assessing Audit Risk and Audit Sampling. He is also the chair of the Auditing Revenue Task Force for the AICPA Guide on Revenue Recognition.

He was a partner and National Director of Audit Policy for BDO, LLP. Prior to that, Dr. Graham was an associate professor at Rutgers University. Before Rutgers, he was a national accounting and SEC consulting partner at Coopers & Lybrand, responsible for technical issues research, auditing research, and sampling.

A Certified Fraud Examiner, in 2002, he received the Distinguished Service Award from the auditing section of the AAA. He is a co-author of several award-winning academic research papers. Dr. Graham holds an MBA and Ph.D. from the University of Pennsylvania, (Wharton School). He is the editor of Accountants' Handbook, 12th Edition (Wiley, 2012) and Internal Control: Audit and Compliance (Wiley, 2015).

Tom Noce, CPA, CFE

Tom Noce, CPA, CFE is a CPA licensed in California and New Jersey with over 37 years of experience in the field of public accounting, including eight years as a partner in a midsized firm. He is a graduate of Rutgers University. Tom began his independent practice in September 2003. His primary industry focus is in audit, accounting, and taxation services for construction and real estate clients. Tom is also a Certified Fraud Examiner and provides fraud prevention and detection, forensic accounting services, and litigation support to clients in a number of industries.

As an experienced author, instructor, and lecturer, Tom writes and teaches continuing professional education for CPAs. He chaired the 1st and 2nd Annual Fraud Conferences and 1999 and 2000 Audit and Accounting Conferences, sponsored by the California CPA Education Foundation. Since 1999, he has authored and presented more than 15 courses for the California CPA Education Foundation, the AICPA, and other providers. Tom was honored with the California CPA Education Foundation’s Award for Instructor Excellence in 2004 & 2010.

Tom lives and practices in Palm Springs, California. He is an accomplished woodworker and enjoys spending his spare time in his workshop.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$129.00
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$129.00
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CREDIT INFO
CPE credits
Online
: 2.0
NASBA Field of Study
Auditing
Level
Intermediate
Prerequisites
None
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
ASE1-PSK
GROUP PRICING
Contact a representative for group pricing.
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