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Introduction
Introduction
The Institute of Chartered Accountants in England and Wales (ICAEW) defines professional scepticism as
'an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence.'
There are processes and checks in place that allow business risks to be carefully assessed but often intuition and gut reactions play a vital role in ones ability to detect error or fraud.
As businesses direct their focus on managing during a crisis, there has been an increase in fraudulent activity and errors being made and the need to rely on instinct has become increasingly important. Through some of these learning materials, you will learn how to tap into your gut reactions to make intuitive decisions.
Watch
Watch
For those of you who like to watch videos to learn, click on the clips below to consider some key characteristics of professional scepticism; Reflect on the difference between Ethics, Morality and the Law; Explore leadership characteristics such as intuition and instinct that enable you to apply an inquisitive mind to all activities you do to ensure error and fraud are avoided; and to consider professional scepticism from the perspective of an auditor.
Head, heart, and gut instincts backed by science
Head, heart, and gut instincts backed by science
We're often told to trust our gut or follow our heart. Lyn Christian, a Master Certified Coach, says this old-fashioned advice is backed by solid science.
The power of intuition
The power of intuition
We have learned to believe that rationality is what should always prevail when making decisions. But what about that "inner voice", that gut feeling?
When to trust your gut
When to trust your gut
Knowing when to use your intuition is key to decision-making success, but it's not magic -- it's science.
"Professional scepticism: inside the mind of the auditor"
"Professional scepticism: inside the mind of the auditor"
International regulator and EU experts explored the impact of cognitive biases on auditors at ACCA professional scepticism roundtable in Brussels on 17 October.
Professional Ethics - ACCA Advanced Audit and Assurance (AAA)
Professional Ethics - ACCA Advanced Audit and Assurance (AAA)
ACCA Advanced Audit and Assurance (AAA) Professional Ethics overview lecture
What is the difference between Ethics, Morality and the Law?
What is the difference between Ethics, Morality and the Law?
The world around us is a smorgasbord of beliefs, claims, rules and norms about how we should live and behave. An interesting look at three different categories of demands on how we should live: ethics, morality and law.
Read
Read
If you prefer to read here you will find a range of articles below that highlight what can go wrong when professional scepticism is not taken seriously. There are also some links to ICAEW resources on applying scepticism and taking scepticism to new levels.
Do
Do
Professional scepticism is largely based on identifying and escalating issues within your business. The course 'understanding and managing risk' will help you to understand the practicalities of this practice.
Understanding Professional Scepticism
Sign up for a live online Skills Session. Our 2-hour online sessions, encourage active participation allowing you to exchange ideas with tutors and fellow apprentices.
By participating, you will:
Equip yourself with some of the knowledge and skills necessary to develop and apply professional scepticism in the finance sector
Support the development of a challenging mindset and identify when to speak out in situations compromising financial integrity.
To provide you with some time to look at real-life scenarios and see where professional scepticism could be applied
Click on the link below to find out when the next session is running.
Turn knowledge into skills through this interactive course from the Open University.
Understanding and managing risk, provides an introduction to financial risk management. The processes of risk identification, risk measurement and risk management are explored. The course then goes on to examine reputational risk and operational risk. It concludes with an examination of the subject of behavioural finance and what this can contribute to our understanding of risk taking and risk management
This course is modular and 100% online. On average this course takes 12 hrs to complete, which you can do in a bite-sized way.
Stretch and Challenge Yourself
Stretch and Challenge Yourself
Learning to stretch our thinking skills is integral to accelerating our development. This is a really important part of the learning process, and gives you the opportunity to demonstrate your skills and show progression in your Apprenticeship.
Here are two challenges for you to pick from- should you choose to accept, this will help you to develop critical thinking, evaluation skills and encourage creativity.
Challenge 1
Select a recent situation where you or a member of your team identified an anomaly or error. Analyse the steps that were taken to address the situation detailing the application of professional scepticism including the initial indicator, additional evidence or information that was required and the final judgement that was made and how this was delivered; considering the strengths and weaknesses of each step.
Conclude from your analysis if there were any alternative judgement/s that could have been made or improvements in the actions taken. Discuss with your Talent Coach justifying your conclusion and recommendations.
Challenge 2
Identify the steps you undertake as part of your role to ensure the application of professional scepticism. Compare the steps undertaken with those recommended by your Professional body, concerning professional scepticism and critically evaluate your performance in this area.
Identify strengths and weaknesses in your knowledge and application and conclude with an action plan to develop your skills in this area. Discuss your action plan with your Talent Coach to ensure you take the next steps to develop.
Update your Learning Journal in OneFile with your evaluation and your reflections ready to discuss with your Talent Coach at your next review.
Reflect
Reflect
Reflective practice is, in its simplest form, thinking about or reflecting on what you do. It’s a really important part of learning from experience.
Within your apprenticeship you will be encouraged to reflect throughout your programme, the reason for this is two-fold.
Regular reflection will accelerate your development and help you to identify areas to develop helping you to constantly move forward.
A summary or log of your reflections on your development will be required as part of your endpoint assessment activities. These reflections should demonstrate your ability to 'critically evaluate' your performance and development.
Reflection is a skill and practice will make it easier, it should also be an enjoyable experience and a chance to concentrate on what you need.
To support you to develop this skill we have gathered a range of resources and articles to help you find a reflective model that works for you.
Click on the button below to access the Reflective Practice page for additional resources.
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