Question: In December 2012, the PCAOB issued Staff Audit Practice Alert No. 10, Maintaining and Applying Professional Skepticism in Audits. Review that Alert to answer the

In December 2012, the PCAOB issued Staff Audit Practice Alert No. 10, Maintaining and Applying Professional Skepticism in Audits. Review that Alert to answer the following questions:
(a) How does the PCAOB define professional skepticism?
(b) How do responsibilities for applying professional skepticism differ among the engagement team?
(c) What are common impediments to the application of professional skepticism?
(d) What types of audit procedures represent examples where professional skepticism is needed?
(e) What is the role of systems of quality control in regards to the application of professional skepticism?

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a PCAOB standards define professional skepticism as an attitude that includes a questioning mind and a critical assessment of audit evidence This involves among other things challenging managements re... View full answer

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