In the wake of a number of well-publicised major international corporate collapses, the audit profession has never been more under the microscope than it is today. Inspection regimes have evolved, the profession is no longer self-regulated and the one-size-fits-all standards have been given the full force of law. In this time of change, it is crucial things do not go too far. 
 
In light of this, the Institute has released its leadership paper "Professional judgment: are auditors being held to a higher standard than other professionals?" which discusses judgment and how it is core to the audit profession. The paper examines independent inspection process and reports, concluding that a balanced approach is needed to help improve market confidence.  
 
"Professional judgment" was commissioned by the Institute and written by Professor Ken Trotman from the Centre for Accounting and Assurance Services Research, University of New South Wales.  
 
It forms part of the Institute’s objective to deliver effective and visionary leadership initiatives that profoundly and positively impact business and the accounting profession. 
 
For more information: 

• The Institute: Professional judgment paper