For auditors, the challenge now is to execute their audits with the appropriate mindset of maintaining a high level of professional skepticism, even as audits themselves shift to the virtual world. Professional skepticism must be exercised by the auditor when planning and performing an audit. Auditor biases such as confirmation bias and anchoring bias, whether conscious or unconscious, may affect the quality of the audit and impede the exercise of professional skepticism. Furthermore, auditors must exercise professional skepticism in evaluating the impact of Covid-19 on the going concern of their clients. Covid-19 has provided us auditors with an opportunity to revisit and rethink how we perform our audits and it has highlighted the importance of planning and performing audits with professional skepticism.

Source: Manila Times June 01, 2021 17:03 UTC