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Applying Professional Skepticism in an Audit

  • 11/10/2020
  • 8:00 AM - 12:00 PM


Audit inspection reports have identified issues about the level and consistency of professional skepticism being applied in audits. Additionally, the complexity of transactions and markets continues to increase, requiring auditors and managers  to use more professional judgment during audit engagements.  This interactive course will provide an overview of professional skepticism,  including what it is and why it is important in audit engagements. Featuring case studies to teach the content and concepts, this course will help participants gain  knowledge about how to apply professional skepticism and techniques to enhance  the use of professional skepticism in their own practice.

Learning Objectives:

    • Analyze the relationship of the Single Audit Act and the OMB Uniform Guidance
    • Identify the types of guidance and requirements found in the Uniform Guidance
    • Identify fundamental auditee and auditor responsibilities related to a compliance audit of federal awards
    • Determine major federal programs
    • Determine the requirements of the single audit as it relates to understanding internal control, assessing the level of control risk, and testing the effectiveness of internal control relative to federal awards
    • Identify the single audit requirements for testing the direct and material compliance requirements for major programs
    • Determine reporting requirements
    • Identify the audit and reporting requirements for program-specific audits.

    Topics Discussed:

    • Professional skepticism
    • Professional judgment
    • Judgement framework
    • Fraud triangle

    Designed For: Auditors of any level who would like to incorporate professional skepticism into their audits

    Level: Basic

    InstructorJennifer Elder

    Developer: AICPA

    CPE Credits: 4

    Area of Study: Auditing 4                                                                     

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