An audit performed in accordance with generally accepted auditing standards should
Updated November 11, 2020 Nội dung chính What Are Generally Accepted Auditing Standards (GAAS)?Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies' financial records. GAAS helps to ensure the accuracy, consistency, and verifiability of auditors' actions and reports. The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) created GAAS. Understanding the Generally Accepted Auditing StandardsGAAS are the auditing standards that help measure the quality of audits. Auditors review and report on the financial records of companies according to the generally accepted auditing standards. Auditors are tasked with determining whether the financial statements of public companies follow generally accepted accounting principles (GAAP). GAAP is a set of accounting standards that companies must follow when reporting their financial statements. Auditors review a company's financial numbers and accounting practices to ensure they're consistent and comply with GAAP. The Securities and Exchange Commission (SEC) requires that the financial statements of public companies are examined by external, independent auditors. While GAAP outlines the accounting standards that companies must follow, GAAS provides the auditing standards that auditors must follow. Key Takeaways
Click Play to Learn What Generally Accepted Auditing Standards AreRequirements for GAASGenerally accepted auditing standards (GAAS) comprises a list of 10 standards, divided into the following three sections: General Standards
Standards of Field Work
Standards of Reporting
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What is meant by generally accepted auditing standards?Generally Accepted Auditing Standards (GAAS) are a set of principles and requirements that provide the basis for how an auditor prepares for, performs, and reports the results of audits. Which of the following is mandatory for an auditor to comply with the general standards of the aicpa generally accepted auditing standards?General Standards 1. The auditor must have adequate technical training and proficiency to perform the audit. 2. The auditor must maintain independence in mental attitude in all matters relating to the audit. Which of the following is a principle underlying an audit conducted in accordance with generally accepted auditing standards?Which of the following is a principle underlying an audit conducted in accordance with generally accepted auditing standards? An auditor's opinion enhances the degree of confidence that intended users can place in the financial statements. Which of the following is required documentation in an audit in accordance with generally accepted auditing standards?A planning memorandum establishing the timing of the audit procedures and coordinating the assistance of entity personnel. When an audit is made in accordance with generally accepted auditing standards?When an audit is made in accordance with generally accepted auditing standards, the independent auditors must: perform analytical procedures. Which of the following procedures is not customarily used by the auditors in determining the existence of related parties?
Which of the following is a principle underlying an audit conducted in accordance with generally accepted auditing standards?Which of the following is a principle underlying an audit conducted in accordance with generally accepted auditing standards? An auditor's opinion enhances the degree of confidence that intended users can place in the financial statements.
What is meant by generally accepted auditing standards?Generally Accepted Auditing Standards (GAAS) are a set of principles and requirements that provide the basis for how an auditor prepares for, performs, and reports the results of audits.
Which of the following is required documentation in an audit in accordance with generally accepted auditing standards?The correct answer is b) A client engagement letter that summarizes the timing and details of the auditor's planned fieldwork.
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