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2.Ī 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. The work is to be adequately planned and assistants, if any, are to be properly supervised. #GENERALLY ACCEPTED AUDITING STANDARDS ARE PROFESSIONAL#3.ĭue professional care is to be exercised in the performance of the audit and the preparation of the report. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. Auditors typically use the GAAS as a minimum baseline for auditing activities, recognizing that depending on the country, industry, type of audit, and auditor affiliations, there may be multiple other principles or requirements an auditor needs to satisfy. #GENERALLY ACCEPTED AUDITING STANDARDS ARE CODE#Although the AICPA is an American organization, its membership comprises auditors in many different countries as these members agree to follow GAAS as part of adhering to the AICPA’s code of professional conduct, the GAAS is in practice a global framework for auditing. From this perspective, auditing standards in general and the GAAS in particular apply to any type of audit or audit methodology executed by auditors who choose or are obligated to follow the GAAS. ![]() 95, the AICPA’s Accounting Standards Board distinguishes between auditing standards and audit procedures by stating that “Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards”. In its Statement on Auditing Standards No. ![]() Originally developed and issued by the American Institute of Certified Public Accountants (AICPA) in 1972, the current GAAS comprises 10 standards with which AICPA member auditors are required to comply. 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. Gantz, in The Basics of IT Audit, 2014 Generally Accepted Auditing Standards ![]()
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