Professional Scepticism

PSAF – L2 – Q5.3 – Public Expenditure and Financial Accountability

Discuss how professional skepticism and judgement assist in evaluating a hospital's operations for resource misuse and poor procurement.

Question

You have been appointed as an independent assessor to evaluate the operations of a major regional hospital, which has recently been in the news for significant misuse of resources and poor procurement practices.

Required:
Discuss how professional skepticism and judgement assist in the assignment in the hospital.

Answer

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Tags: Audit, Ethics, Financial management, Procurement, Professional Judgement, Professional Scepticism, Public Sector Accounting
Level: Level 2

Topic: Public expenditure and financial accountability framework

AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

Question

(a) Briefly highlight the directors’ responsibilities relating to the financial statements at Apex Ventures.

(b) During the audit team planning meeting for Apex Ventures, a member of the audit team passed a comment that, based on past experience with the client, he was confident that the management of the client was honest and there was no issue as regards management integrity or risk of fraud in the company. The audit manager responded that the auditor should always maintain an attitude of professional scepticism throughout the audit.

Briefly describe ‘professional scepticism’ and elaborate on the response of the audit manager.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Corporate Governance, Directors Responsibilities, Fraud RiskFinancial Statements, Management Integrity, Professional Scepticism
Level: Level 2

Topic: The Role and Responsibilities of Auditors

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PSAF – L2 – Q5.3 – Public Expenditure and Financial Accountability

Discuss how professional skepticism and judgement assist in evaluating a hospital's operations for resource misuse and poor procurement.

AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

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Tag (SQ): Professional Scepticism

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PSAF – L2 – Q5.3 – Public Expenditure and Financial Accountability

Discuss how professional skepticism and judgement assist in evaluating a hospital's operations for resource misuse and poor procurement.

You're reporting an error for "PSAF – L2 – Q5.3 – Public Expenditure and Financial Accountability"

AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

You're reporting an error for "AA – L2 – Q7 – The Role and Responsibilities of Auditors"

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