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PROFESSIONAL SKEPTICISM OF THE EXTERNAL AUDITORS: LITERATURE REVIEW
Abstract
Professional skepticism of auditors is considered one of the most important factors of auditing and audit quality. Auditing standards describe requirements to evaluate audit evidence with an attitude of skepticism. Professional skepticism is the crucial element which is missed when audit failures occur. This paper examines academic research related with the auditors skeptical judgement and decisions. The main purpose of the research is to provide conceptual description of the professional skepticism, emphasize issues related with level of scepticism, list main factors, and evaluate the materiality of ethical principles influencing the activities of auditors. Literature review method is used to examine scientific issues discussed in the international leading scientific journals of the last decade. Inductive and deductive methods of analysis provide opportunity to analyse recent academic and regulatory framework of understandings related to the ethical principles and professional skepticism level and their implementation issues. The sources of the research are international and domestic scientific business, economics and management journals. The author investigates the professional codes of ethics of international organizations (IIA, IFAC, IFRS, AICPA), a set of regulations and standards of provision with a focus on the practical application. The article compiles definitions of the professional skepticism in academic literature and in the professional regulatory documents; provides discussions on how the problem solving ability is related to the ethics or moral judgements.
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