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Professional Scepticism explained
- 31 July 2020
- Accounting
- South African Accounting Academy
Proper care is always required and neither time, cost constraints, nor familiarity with the client, should reduce the degree of scepticism applied.
The focus is on auditors as they are the ‘watchdogs’, but professional scepticism should also be applied by management, the board and others within organisations, as fighting fraud should be seen as a shared responsibility.
Many criminals collude when committing fraud, as collusion allows for a greater success rate in terms of amounts stolen and length of time to detection. It is therefore important that honest role-players also work together to prevent and detect fraud. Professional scepticism is a key element in achieving this success.
Click here to access the article:
ttps://www.accountancysa.org.za/professional-scepticism-explained/