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What are the possible reasons for suboptimal levels

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In the aftermath of the spate of high-profile corporate frauds of the early 2000s and the economic devastation caused by the Great Recession, the auditing profession is being criticized by many of its regulators worldwide for exhibiting too little scepticism when performing its work. ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, states at ISA 200.15: "The auditor shall plan and perform an audit with professional scepticism recognizing that circumstances may exist that cause the financial statements to be materially misstated." (ISCA, 2014)

Required:

Question (a) Explain why professional scepticism is fundamental to the successful performance of auditors and give two examples of what would constitute appropriate professional scepticism practice.

Question (b) What are the possible reasons for suboptimal levels of professional scepticism?

Reference no: EM132522900

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