Professional skepticism

DIGITALIZATION has changed everything we do. The world has evolved. This is the Covid-19 effect — we now have less face-to-face transactions. Fear has gripped the world lest we get infected with the virus. We now do most of our dealings in virtual mode: Zoom meetings, scanned documents and more emails. Movements have become more restricted. Lockdowns have become frequent worldwide.

In this scenario, how do we apply professional skepticism in our audits? Professional skepticism is the foundation of decision-making when we conduct attestation engagements. We are required to have a questioning attitude to alert us of possible misstatements due to fraud or error and have a critical assessment of the audit evidence.