Video: Professional Standards in Audit & Non-audit Engagements Objectives

This lesson covers the identification of the nature, scope, and objectives of both issuer and non-issuer audit engagements, and ensuring the right balance between doing enough work and not overstepping boundaries. Additionally, the lesson delves into different types of non-audit engagements, such as attestation standards and accounting review services standards. The importance of understanding professional skepticism, professional judgment, and personal bias in an audit context is also emphasized. Lastly, the lesson discusses potential threats, incentives, and judgment-making shortcuts that auditors should be cognizant of and aim to avoid in practice.