Auditors may find this summary of resources of use in applying professional skepticism in the course of their engagements.
Links to resources on the IAASB’s, IESBA's and IAESB's websites:
*** The IAASB commenced its initial information gathering on the topic of professional skepticism in June 2015. The issues identified and discussed at the IAASB meetings are part of the Invitation to Comment on Enhancing Audit Quality in the Public Interest which was issued in December 2015.
The working group comprised representatives from the IAASB, the International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB) to explore the topic of professional skepticism, enabling the three independent standard-setting Boards to consider what actions may be appropriate within their collective Standards and other potential outputs to enhance professional skepticism.
Together with the Quality Control project and the ISA 600 – Group Audits project, this Professional Skepticism project is part of the Audit Quality Enhancements Coordination Group (AQECG) of the IAASB. The AQECG intends to coordinate the various inputs to the invitation to comment developed at the individual working group level, and take a holistic approach as to how the matters are presented in one invitation to comment.
In March 2018, the IAASB discussed the Professional Skepticism Subgroup’s (Subgroup) recommendations related to a requirement to seek contradictory evidence as part of the concept of professional skepticism. The Board supported the conclusion of the Subgroup to not add a requirement to seek inconsistent evidence, in all circumstances, within the ISAs. The IAASB also received an update on activities and matters of coordination relating to professional skepticism of the IESBA and the International Accounting Education Standards Board.