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What is professional skepticism?

Professional skepticism is the recognition that certain circumstances will exist that will cause financial statements to be materially misstated. Professional skepticism will require due care for each member of the engagement team.

This will require the auditor to have a questioning mind, and practice objectivity when conducting audit procedures.

The auditor will be responsible for meticulously evaluating all evidence obtained throughout an audit engagement and determine whether misstatements exist whether they be due to fraud or error.


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