GASS are:ġ.An auditor must have adequate technical training and proficiency to perform an audit Ģ.An auditor must maintain independence in mental attitude in all matters related to an audit ģ.The auditor must use due professional care during the performance of the audit and the preparation of the report Ĥ.An auditor must adequately plan work and must properly supervise any assistant ĥ.An auditor must obtain sufficient understanding of an entity and its environment, including its internal control, in order to assess risk of material misstatement of financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. Independent auditor not part of company and proficiency as an auditor. Procedure to conduct a statement persons having adequzte technical training. The audit is to be performed by a person or. In auditing we are acting here as an auditor. Some of the standards laid under the U.S. Generally Accepted auditing standards (GAAS) GENERAL STANDARD NO. Minimum standards of performance which must be achieved on each audit engagement. The acceptable standards are: Generally Accepted Auditing Standards (GAAS). Maximum standards which denote excellent work. Among other improvements, generally accepted auditing standards (GAAS) now more clearly states the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS. 42 Auditing standards The external auditor is a particularly important. Ideals to work towards, but which are not achievable b. GASS lays down ten auditing standards developed by the American Institute of Certified Public Accountants. GAGAS contains requirements and guidance dealing with ethics, independence, auditors’ professional judgment, quality control, the performance of fieldwork, and reporting. Generally accepted auditing standards or GAAS means the auditing standards that are generally accepted in the United States as authoritative, as specified in the AICPA Professional Standards (2015), as amended and supplemented, available from the AICPA. Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as: a. However, the standards adopted by the GASS may vary from place. The GASS also lays down the criteria for auditor’s examination and required reports. It establishes standards to be followed by an auditor in his/her profession. The auditor is responsible for planning, conducting, and reporting the results of an audit according to generally accepted auditing standards (GAAS). the reports of the internal auditors are consistent with the results of the work performed b. The audit test that would normally be regarded as a test of control is: a. Generally Accepted Auditing Standards (GASS) is a set of guidelines issued by the American Institute of Certified Public Accountants. Describe the elements of the Generally Accepted Auditing Standards (GAAS).
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