Professional Judgment Resource

The Professional Judgment Resource is designed to provide auditors with an example of a decision-making process to facilitate important auditing and accounting judgments in a professionally skeptical manner. It outlines an example of a decision-making process grounded in five essential actions that include identifying and defining the issue, and reviewing and completing the documentation and rationale for the conclusion. Additionally, the Resource identifies several of the more common judgment tendencies and traps that can potentially lead to bias and weaken professional skepticism, as well as includes illustrative examples of these tendencies, and strategies to avoid them.