Friday October 9, 2015 8:00am - 10:30am, Gwynedd Mercy University
1325 Sumneytown Pike
Gwynedd Valley, PA 19437
Full Deluxe Buffet Breakfast
2 Hrs CPE - Ethics
Allen Sullivan - Delaware River Port Authority
Skepticism: A Primary Weapon in the Fight Against Fraud
The necessity for the exercise of professional skepticism by members of the financial professions has been receiving increased attention. Recently, a board member of the PCAOB stated: "our inspection results all too often show that substantial progress is needed in order to more consistently achieve the appropriate application of professional skepticism throughout the audit process and across audits."
It is not just auditors who must be concerned with maintaining appropriate professional skepticism. Because financial management plays a leading role in detecting financial fraud, it is incumbent on financial managers, not just auditors, to exercise appropriate levels of professional skepticism. Board members and particularly audit committee members also must take care to exercise a skeptical approach to financial reports and supporting information. Skepticism is neither for the faint hearted nor for the heavy-handed. It requires a delicate balancing act and is essential for effective auditing and financial management.
The necessity for professional skepticism and how it can be effectively implemented will be discussed by this leading national expert on the subject.