![]() Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion. The Generally Accepted Auditing Standards (GAAS) are a pre-defined set of criteria to which all the certified public accountants must abide by. The work is to be adequately planned and assistants, if any, are to be properly supervised.Ģ.Ě sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.ģ. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.ģ.ĝue professional care is to be exercised in the planning and performance of the audit and the preparation of the reportġ. Required procedures to be used to gather evidence to support financial statements. American Institute of Certified Public Accountants Generally Accepted Auditing Standards (AICPA GAAS) Annual Financial Statements. Rules acknowledged by the accounting profession because of their universal application. The auditors are required to perform the audit of. They make sure that the audit is conforming correctness and compatibility. The audits are of the financial records of the companies. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.Ģ. Question 1 Generally accepted auditing standards are Pronouncements issued by the Auditing Standards Board. Generally accepted auditing standards are the standards and principles governing the audit procedure. Generally Accepted Auditing Standards generally termed as GAAS is a step by step guideline that auditors use while performing audits. O Describe the elements of the Generally Accepted Auditing Standards (GAAS). It provides the nature of the structure recommended for the auditing process. GAAS ensures that auditing is logical and purposeful, which ultimately leads to better decision-making. This content was COPIED from - View the original, and get the already-completed solution here! These generally accepted auditing standards are incorporated within three sections, from general standards to fieldwork and reporting. Not what you're looking for? Search our solutions OR ask your own Custom question.
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