It is shown for the first time that the redox switching of polyaniline (PANI) under voltammetric conditions is accompanied by the following processes: oxidation of PANI by atmospheric oxygen in the range of low potentials (E < 0.2 V); reduction with addition of aniline (post-polymerization) at E > 0.2(5) V, which in the range 0.2(5) < E < 0.5 V compensates entirely for the oxidation over the timescale of the cyclic voltammogram. These processes determine: (a) the existence of the emeraldine (conducting) state in a potential window (instead of at a defined potential); (b) the fundamental asymmetry in the redox behaviour of PANI; (c) the difference in the rates of the oxidation and reduction transients and (d) the dependence of the electrochemical activity of PANI on the pH of the medium.