Applying Professional Skepticism in an Audit

Description

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.

Highlights

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

Objectives

  • Recall the importance of professional skepticism to auditing in today's complex environment.
  • Recognize concerns raised about the level of skepticism in audit performance and steps the profession is taking to address concerns.
  • Identify factors that influence an auditor's use of professional skepticism.
  • Apply techniques that help to enhance your application of professional skepticism in an audit.

Designed For

Auditors of any level who would like more insight into how to better incorporate professional skepticism into their audits.



Leaders

Jerry Spratt

Jerry has 42 years of audit and/or forensic examination experience gained through his employment with Spratt Financial Forensics, Inc., currently as president/owner, and the Arkansas Division of Legislative Audit, where he retired as Assistant Legislative Auditor. Jerry has over 30 years’ combined experience in organization board governance with multiple years in officer positions, including two years as Board Chair of the Arkansas Federal Credit Union (AFCU) Board of Directors; the Arkansas Society of CPAs (ASCPA) Board of Directors, with one year as Board Chair; and the Arkansas Chapter of CFEs, where he served many years as Board President. He has served on numerous accounting, auditing, and forensic examination-related committees, including ASCPA Professional Ethics (1998-2018, one year as Chair) and AFCU Supervisory (Audit) Committee (six years, four as Chair). Jerry also served as an AFCU Defined Benefit Plan Trustee (2006-2015). Jerry has developed and/or taught over 200 courses on forensic accounting and investigation, GAAS, Financial Accounting Standards, AICPA Code of Professional Ethics, nonprofit accounting and auditing, interviewing, internal controls, board governance, trial preparation, and forensic examination for sponsoring organizations since 2004. Course sponsoring organizations include AICPA; Association of Certified Fraud Examiners and local chapters; Arkansas State Society of CPAs and other state societies of CPAs; Surgent; National Business Institute; National Association of Federal Credit Unions; and others. For three years he was an adjunct professor at the University of Arkansas at Little Rock, teaching a graduate-level self-authored forensic course entitled “Accounting 8300 Fraud Audit.” He has written several articles published in Arkansas Business concerning accounting, auditing, and forensic examination. Awards Jerry has received include the Association of Certified Fraud Examiners’ 2004 CFE of the Year; ASCPA Outstanding CPA in Government (2004) and Mac Angel Discussion Leader of the Year (2005, 2010, 2014, and 2015); and AICPA Outstanding Instructor (2011, 2012, and 2014).