Thursday 25 May 2023


2:30 pm


1.5 CPD Hours

Session Topic

Professional scepticism – the importance of getting it right

Professional scepticism (and independence) is at the heart of the audit and an essential part of audit quality. Auditing standards define professional scepticism and require its application in many audit phases.

ASIC’s financial-reporting and auditor-surveillance programs, corporate restatements, and negligence claims reveal examples where scepticism has apparently been lacking. ASIC continues to remind auditors of its importance and the need for professional scepticism to be documented.

This session will:

  • Review the requirements of auditing and ethical standards for the exercise of professional scepticism
  • Application of professional scepticism requirements in specific areas e.g., appropriate risk assessment, estimates (including impairment), and automation bias
  • Report on the latest developments in the practical application of professional scepticism
  • Identify how scepticism should be documented in the audit file
  • Discuss what makes a good environment for auditor scepticism and challenge, and
  • Describe what should be in your scepticism audit policy.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


Chanelle Pienaar

Principal | Audit Assist

Chanelle is an accomplished Chartered Accountant with more than 20 years’ experience as an auditor in a wide variety of Financial Audit and Audit Quality Control projects. Chanelle has abroad range of experience covering Financial Statement Audits, Audit Quality Control Reviews, Trust Account Audits and AASB implementation Advice & Assistance.

Chanelle has strong technical knowledge and enthusiastic training style ensures that all participants, from the graduate to the partner, receive maximum value from each training session.