Professional judgment plays a critical role in accounting and auditing, as it influences the accuracy of financial statements and the outcome of audit engagements. Understanding professional judgment is essential for auditors and accountants to make informed decisions, uphold ethical standards, and maintain public trust in financial reporting.
In this video, I am discussing professional judgment in accounting and auditing, its definition, importance, and common tendencies that can impact decision-making. I hope you find the KPMG framework and ethical considerations outlined in the AICPA Code of Professional Conduct helpful and hope that it helps you understand the topic of professional judgment. This topic is covered in your homework, cases, discussions, and unit exams.
Ask yourself:
Do I understand the concept of professional judgment and its significance in accounting and auditing?
Do I recognize the importance of maintaining objectivity, independence, and professional skepticism in my decision-making process?
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