The International Ethics Standards Board for Accountants (IESBA) released for public comment the Exposure Draft, Proposed Application Material Relating to Professional Skepticism and Professional Judgment.
The Exposure Draft links key concepts in the IESBA Code of Ethics for Professional Accountants (IESBA Code) and clarify their application and emphasis, with a focus on:
(a) How compliance with the fundamental principles in the IESBA Code supports the exercise of professional skepticism by auditors and assurance practitioners for audit, review and other assurance engagements, and
(b) The importance of professional accountants obtaining a sufficient understanding of the facts and circumstances known to them when exercising professional judgment in applying the conceptual framework underpinning the Code.
Kindly refer to the International Federation of Accountants website for further details.
Source: IFAC, 11 May 2017