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Professional Skepticism

Professional Skepticism. IESBA Meeting Athens, Greece June 18-20, 2018. Richard Fleck, Chair. PS Working Group members . Richard Fleck, Chair Hiro Fukukawa Trish Mulvaney James Barbour. Objectives. Status of Consulation Paper Released in mid-May, comment period through 15 August

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Professional Skepticism

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  1. Professional Skepticism IESBA Meeting Athens, Greece June 18-20, 2018 Richard Fleck, Chair

  2. PS Working Group members • Richard Fleck, Chair • Hiro Fukukawa • Trish Mulvaney • James Barbour

  3. Objectives • Status of Consulation Paper • Released in mid-May, comment period through 15 August • Status of Roundtables • Two held, two to come • Tokyo – July 12 • Melbourne, Australia* – July 16 • Supported by APESB and NZ XRB

  4. Activities Since March 2018 Meeting • CP approved by IESBA in April; released in May 2018 • NSS meeting • Forum of Firm meeting • Two roundtables • Washington DC and Paris • APESB and NZ XRB offered to host additional roundtable in Australia

  5. About Roundtables • ½ day PS session • Introduction: Stavros Thomadakis • PS scene setting • Washington DC: Trish Mulvaney • Paris: Richard Fleck • PS Breakout Sessions • Washington DC: Chaired by Trish Mulvaney and Richard Fleck • Paris: Chaired by Richard Fleck and James Barbour • PS Report-back: Ken Siong and John Morrow

  6. Professional Skepticism Options presented to Roundtable Groups • PS as currently defined in auditing standards • PS re-defined • Develop another term and definition • Enhance guidance in the Code • Address role of bias, pressure and other impediments Choosing Options 1, 2 or 3 would not preclude also doing Options 4 and/or 5

  7. Observations so far (sans Tokyo and Melbourne) • No support for options 1 and 2 • Push back/concern on “PS” with amended definition • Support for a new term • Liked what the new term would encompass (paragraph 10 of CP) • Support for options 4 and 5 • Endorsed the direction of travel!

  8. Preliminary thoughts on Options forward • Work on a new term and definition with associated application material • Overarching statement of expectation on what it means to be a PA • Public interest; impartial and diligent mindset • Scalability • Develop “bias” • Amalgam of A+B

  9. Important consideration New term needs to drive behavior rather than just be words.

  10. Questions?

  11. The Ethics Board www.ethicsboard.org

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