Professional Judgment
The application of relevant training, knowledge and experience to make informed decisions about the courses of action appropriate given the circumstances of the engagement.
Related terms
- Physical Verification
Directly inspecting an asset (inventory, fixed assets, cash) rather than relying solely on the book record, to confirm it exists and is in the condition and location the records claim.
- Place of Supply
The location that determines whether a supply is intra-state or inter-state under GST, and therefore which tax (CGST/SGST or IGST) applies.
- Professional Skepticism
An attitude that includes a questioning mind and a critical assessment of audit evidence, rather than assuming management is either honest or dishonest.
- Professional Tax
A state-level tax on income from employment or a profession, deducted by the employer and remitted on the employee's behalf in the states where it applies.
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