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Professional Skepticism

Stay informed on the latest updates from the Professional Skepticism Meeting in Athens, including consultation paper status, roundtable activities, and discussions on enhancing auditing standards. Discover key insights and direction for the future of professional skepticism.

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Professional Skepticism

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  1. Professional Skepticism IESBA Meeting Athens, Greece June 18-20, 2018 Richard Fleck, Chair

  2. PS Working Group members • Richard Fleck, Chair • Hiro Fukukawa • Trish Mulvaney • James Barbour

  3. Objectives • Status of Consulation Paper • Released in mid-May, comment period through 15 August • Status of Roundtables • Two held, two to come • Tokyo – July 12 • Melbourne, Australia* – July 16 • Supported by APESB and NZ XRB

  4. Activities Since March 2018 Meeting • CP approved by IESBA in April; released in May 2018 • NSS meeting • Forum of Firm meeting • Two roundtables • Washington DC and Paris • APESB and NZ XRB offered to host additional roundtable in Australia

  5. About Roundtables • ½ day PS session • Introduction: Stavros Thomadakis • PS scene setting • Washington DC: Trish Mulvaney • Paris: Richard Fleck • PS Breakout Sessions • Washington DC: Chaired by Trish Mulvaney and Richard Fleck • Paris: Chaired by Richard Fleck and James Barbour • PS Report-back: Ken Siong and John Morrow

  6. Professional Skepticism Options presented to Roundtable Groups • PS as currently defined in auditing standards • PS re-defined • Develop another term and definition • Enhance guidance in the Code • Address role of bias, pressure and other impediments Choosing Options 1, 2 or 3 would not preclude also doing Options 4 and/or 5

  7. Observations so far (sans Tokyo and Melbourne) • No support for options 1 and 2 • Push back/concern on “PS” with amended definition • Support for a new term • Liked what the new term would encompass (paragraph 10 of CP) • Support for options 4 and 5 • Endorsed the direction of travel!

  8. Preliminary thoughts on Options forward • Work on a new term and definition with associated application material • Overarching statement of expectation on what it means to be a PA • Public interest; impartial and diligent mindset • Scalability • Develop “bias” • Amalgam of A+B

  9. Important consideration New term needs to drive behavior rather than just be words.

  10. Questions?

  11. The Ethics Board www.ethicsboard.org

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