Professional judgment is a widely used concept in accounting and auditing.How is it defined in the audit standards?
A)There is no definition of professional judgment in the auditing standards.
B)Professional judgment includes consideration of key principles and concepts of disciplines underlying the professional standards,such as economics,psychology,law,finance,statistics and philosophy.
C)Professional judgment means reaching a complex decision by incorporating auditing standards,accounting standards,and rules of professional ethics in a coherent manner.
D)Professional judgment involves specialized concepts and language integrating several disciplines in order to provide appropriate justification for audit decisions.

Question

Quizplus · Accepted Answer

Professional judgment in the context of auditing is defined as the application of relevant training, knowledge, and experience in making informed decisions about the appropriate courses of action during the audit process. It involves considering auditing standards, accounting standards, and professional ethics to reach a decision.

Professional Judgment Is a Widely Used Concept in Accounting and Auditing.How