Professional
Skepticism Advantages
Professional skeptics mean to remain alert during the
audit. There are number of advantages of professional skepticism which includes the following;
1. Provide addition audit evidence
Professional skepticism provides you additional information
or additional audit evidence to auditor and thus auditor can draw more
appropriate conclusion from audit evidence.
2. Audit evidence comparison
Professional skepticism helps
auditor in identifying the contradictions between two or more audit evidences. This
contradiction may induce auditor to take additional audit evidence in
circumstances.
3. Identify Fraud Condition
Professional skepticism
can provide you indication of fraud or error. It is important for auditor to
remain more alert toward fraud, because frauds are well planned and difficult
to detect by normal audit procedures.
4. Identify unusual circumstances
Professional skepticism is
helpful in identifying the unusual circumstances. The unusual circumstances
normally exist due to fraud or error or at least a powerful indication of
existence of fraud or error.
5. Avoiding in appropriate assumption
Auditor need to make a number of assumptions during the
audit, and professional skepticism helps auditor for making the appropriate
assumption only.
