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.
Related terms
- 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 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.
- 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.
- Provident Fund (PF)
A retirement savings scheme under the Employees' Provident Funds Act, requiring matched employer and employee contributions on specified wage components for covered establishments.
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