PROFESSIONAL JUDGEMENT. THE KEY TO A SUCCESSFUL AUDIT

Anca Oana Chiș and Andra Maria Achim
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Anca Oana Chiș: Faculty of Economics 1 December1918 University, Alba Iulia
Andra Maria Achim: Faculty of Economics and Business Administration, Babes Bolyai University ClujNapoca

SEA - Practical Application of Science, 2014, issue 5, 217-222

Abstract: Professional judgement represents the key to a succesful audit engagement. In order for the auditors to use their professional judgment correctly, they must know the rules and standards, both those related to accounting and audit.ISA 200 emphasizes the importance of exercising professional judgment in the planning phase and in the auditor's audit work. Judgment is exercised by an auditor whose training, knowledge and experience have assisted in developing the skills needed to achieve reasonable judgments. The article is a theoretical one, its main objective being the study of professional judgement in audit engagements. Professional judgment was analyzed using a qualitative research methodology, taking into considerationdefinitions from auditing standards and presenting the work of researchers all over the world, while emphasizing specific situations in which judgement is used. Our study draws the attention to the importance of the professional judgement during audit and the obligation of each auditor to use it appropriately.

Keywords: Professional judgement; Scepticism; Audit engagement; Audit opinion (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:cmj:seapas:y:2014:i:5:p:217-222

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