Lesson: Professional Judgement

In this lesson, Nick Palazzolo dives into the concept of professional judgment and its significance in the auditing process. He explains that professional judgment involves utilizing skills, experience, and training to navigate through unique audit scenarios and overcome potential challenges. The lesson discusses the gray areas often encountered during audits, including accounting estimates and emerging technologies. Nick highlights the importance of auditors exercising their professional judgment in such situations and seeking advice from regulators and outside consultants when needed. This understanding is crucial to maintaining a high level of professional skepticism and ensuring a thorough audit.