IFAC Professional Accountants in Business Committee Response to IESBA Exposure Draft on Professional Skepticism and Judgement

The IFAC Professional Accountants in Business Committee agrees with the International Ethics Standards Board for Accountants that there is a need to strengthen the concept of professional skepticism in the Code of Ethics for Professional Accountants based on clarifying how the fundamental principles support the exercise of professional skepticism in the audit and assurance context.

However, the committee believes that the concept of professional skepticism, as well as professional judgement, should be applied by all professional accountants regardless of where they are employed given their professional status and influence in the financial reporting supply chain.