Professional Excellence, Skepticism, and Objectivity

A widely held perception of accounting is that it’s the process of “bean counting.”

This slide was developed by an American Accounting Association (AAA) task force.

The reality is that accounting plays a critical role in supporting a prosperous society.

This slide was developed by an American Accounting Association (AAA) task force.

The “Pathways Vision Model”

The Pathways Vision Model was developed by an American Accounting Association (AAA) task force.

The making of an IPO

Banks Management

Audit Committee Customers

Investors The Auditor SEC / Regulators

Initial Public OfferingLinkedIn7,840,000 SharesCommon StockPrice $45.00 Per Share

Professional Excellence

An unwavering and steadfast commitment to providing

distinguished service to the investing public and the capital markets through the consistent execution of quality audits by

adhering to professional standards and exercising sound

professional judgment, objectivity and professional skepticism.

Skill +PROFESSIONAL MINDSET (WILL)• Personal commitment• Integrity• Desire to “get it right”• Professional skepticism • Stands up to

management• Commitment to learning • Teaches others / role

model

AUDITING SKILLS (SKILL) • Expert in standards/

GAAP• Judgment to properly

apply them• Skilled at project

management

Will

Professional skepticism requires a curious mind and persistence

Barriers to skepticism

Challenging equivalent of our

“parents”

Barriers to skepticism

Time

Barriers to skepticism

Fatigue

Barriers to skepticism

Lack of skill or

knowledge

Barriers to skepticism

Desire to please

Barriers to skepticism

Intimidation 

Barriers to skepticism

Budgets

Who’s counting on you

Questions?