Professional scepticism represents an integral ingredient for successful auditors, according to new research released by the Institute of Chartered Accountants (ICAA).
The research results, contained in a report titled ‘Preserving capital market confidence through audit quality', was based on quantitative research of auditors from five major accounting firms.
The research found that the top key factors for auditors are:
- Professional scepticism;
- Communication;
- Audit Committees; and
- Influencing the profession.
Commenting on the results, ICAA chief executive Lee White said the research had engaged with auditors from a range of levels across the firms, not just partners, in order to get a sense of where there might be different perspectives on commitment to quality.
"The findings reveal that professional scepticism ranks in the top three most important skills across all respondent groups, but it's clear that more work can be done," he said.
"Opportunities like mentoring and training, particularly for the younger staff in audit teams, should be encouraged to boost their capability and bring that desired level of scepticism to the judgement calls made as part of everyday audit work," he said.
White said that effective communication also stood out as being fundamental to a quality audit process and supported behaviour related to exercising professional scepticism.
