This study empirically investigates the relationship between auditors? identification-based trust in client firms? managers (CEOs/CFOs) and their perceptions of auditors? professional skepticism. We employ a multi-method approach: First, we approached auditors and clients using narrative interviews in order to identify the working definitions of trust and professional skepticism, and also to develop an empirical and testable hypothesis against the backdrop of the current literature. Second, a survey of real auditor?client dyads in Germany reveals that auditors? identification-based trust has a positive impact on their clients? perception of the auditors? professional skepticism. The identified coexistence of trust and professional skepticism in auditor-client dyads implies that regulatory measures that impede the evolution of trust between auditors and their clients will rather reduce professional skepticism instead of ensuring it. Thus, regulations must give auditors and their clients sufficient leeway to establish interpersonal trust. At the same time, corporate governance mechanisms or independent enforcement institutions should be put in place to avoid collusion.