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Professional judgement

ICAEW brings together a range of resources on professional judgement to help you develop your skills in approaching difficult judgements.

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Elearning course

Applying Professional Judgment in Audit

This interactive and practical programme enables learners to exercise good professional judgment as an integral part of the audit process.
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Demonstrating professional judgement

Professional judgement is an attribute that chartered accountants are expected to demonstrate and a skill that can be continuously improved on.
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Resources

Professional scepticism

These resources are intended to help auditors in applying and demonstrating a sceptical mind set in their audits.
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Elements of professional judgement

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The importance of professional judgment in audit
Good professional judgment underpins all audit work. ICAEW sat down with two experts to explore further.

FRC Professional Judgement Framework

Exclusive FRC's Professional Judgement Guidance
  • Article
  • 04 Oct 2022
The FRC’s new guidance on professional judgement is not prescriptive, but all audit firms need to do more than simply be aware of it and its framework of mindset, professional judgement, consultation and environmental factors.
New guidance published in response to audit failings
  • Article
  • 15 Jul 2022
The FRC’s recently published Professional Judgement Framework, the first of its kind, aims to help auditors improve their practice in this key component of quality audit.
FRC guidance on professional judgement
  • Website
  • 23 Jun 2022
The FRC published guidance on professional judgement in June 2022, including a framework, illustrative examples and expectations.

Can we regulate 'good' judgement?

In this ICAEW Insights podcast, we consider the future of audit and the impact of the government’s proposed reforms on professionals in the sector.
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Insights and analysis

Over-reliance on automation: a cautionary tale from Plato
  • Article
  • 27 May 2024
The dangers of too much tech are not a new concern – Konrad Bukowski-Kruszyna explains why accountants can take a sceptical cue from the ancient Greeks when it comes to AI.
New course helps accountants hone professional judgement
  • Article
  • 02 May 2024
Free to members, the elearning path has emerged from joint work between ICAEW and Professor Sir Andrew Likierman – one of the world’s top experts on judgement.
2022/23 Audit Monitoring Report: leveraging insights to improve performance
  • Article
  • 05 Dec 2023
ICAEW’s Audit Monitoring Report for 2022/23 has recently been published. Duncan Wiggetts, Chief Officer for Professional Standards, and Trevor Smith, QAD Director, outline the report’s key findings and explain how you can use these to drive improvement.
Exclusive Using experts when auditing specialist areas
  • Article
  • 17 Nov 2023
Using an internal or external expert on an audit? Peter Herbert and Rhodri Whitlock share some key considerations, highlight do’s and don’ts, and suggest a framework for well-reasoned documentation.
Exclusive Scepticism and judgement: overcoming impediments
  • Article
  • 07 Jul 2023
Identifying and addressing barriers to the exercise of professional scepticism and judgement can enhance audit quality. Simon Kettlewell shares his tips.
Exclusive Intuitive judgements and how to improve them
  • Article
  • 07 Jul 2023
Tips from auditors and regulators on understanding, managing and mitigating biases that may hinder objective reasoning.
Supportive scepticism
  • Article
  • 12 Apr 2023
In our interview with Angela Foyle, the IRB's newest member, she tells us why experience on the ground brings a useful perspective to regulation and talks about some of the challenges ahead.
Exclusive Scepticism and challenge
  • Article
  • 10 Mar 2023
All auditors want to apply professional judgement with scepticism and appropriate management challenge, but which key attributes and elements should be the focus of this never-ending quest?
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Helpsheets and resources

Exclusive Documentation of significant professional judgements in an ISA audit
There are many documentation requirements in International Standards on Auditing but the extent of documentation of judgement is a particularly critical area for auditors. This guide helps auditors understand why professional judgement is important and the extent to which they need to document it.
Exclusive What good looks like – Audit of accounting estimates
The audit of accounting estimates can be a complex area. Here we address the changes brought in by ISA (UK) 540 (Revised December 2018) and demonstrate what a good audit file looks like in the context of auditing accounting estimates.
ICAEW training films
ICAEW training films provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations. Develop skills to identify risk, technical competence and professional scepticism.
Professional scepticism
These resources are intended to help auditors in applying and demonstrating a sceptical mind set in their audits.

ICAEW Code of Ethics

ICAEW Code of Ethics
  • Regulations
Access the Code which is based on IESBA’s Code of Ethics for Professional Accountants and supporting materials.
ICAEW Code of Ethics Parts 1 to 3 Overview
  • Helpsheets and support
  • PDF (227kb)
Overview summarising the key requirements in each section of parts one to three of the ICAEW Code of Ethics 2020.

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ICAEW training films

ICAEW training films provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations.