ICAEW.com works better with JavaScript enabled.

Professional judgement

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

Professional judgement: making better choices

Join us for our event at Chartered Accountants Hall on 29 April 2024, in which Professor Sir Andrew Likierman dives deep into how you can exercise better judgement in the accountancy profession.

Book your place
Contents
Back to top
Trust audit regulation
Central London city skyline

Demonstrating professional judgement

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

New course helps accountants hone professional judgement

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.
Read more

Elements of professional judgement

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.
Listen to the podcast
ep44insights

Insights and analysis

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.
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?
How businesses approach fraud risk: the audit committee view
  • Article
  • 27 Jan 2023
What are the key factors behind the emergence of fraud risks and how should organisations ensure their controls are fit for purpose? Two experienced audit committee chairs provide their thoughts.
Building a culture that cultivates professional judgement
  • Article
  • 27 Jan 2023
Professional judgement is a difficult part of the audit process to define and to apply in practice, including clarifying the differences between it and professional scepticism.
How personal culture and faith could inform professional judgement
  • Article
  • 17 Jan 2023
A new book outlines the role that personal ethics, background and traditions can play in shaping professional ethics in finance and accountancy.

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.

You may also be interested in

Insights special
Belay
Restoring trust in audit and corporate governance

‘Restoring trust in audit and corporate governance’ is the BEIS white paper that sets out proposals on strengthening the UK’s corporate governance framework and the way companies are audited. Read ICAEW’s views on the consultation, explore what restoring trust means, and share information on the reform agenda.

Resources
Buildings
Quality management in audit firms

Resources to help audit firms prepare for new quality management standards ISQM 1, ISQM 2 and ISA 220 (Revised).

Find out more
Training
Film reel
ICAEW training films

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