Generally Accepted Auditing Standards

Generally recognized Auditing Standards Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of balance wheel between those assertions and established criteria and communicating the results to interested users (Modern Auditing, p. 6). Generally Accepted Auditing Standards (GAAS) argon widely recognized inspecting shopworns associated with the accounting profession. There be 10 GAAS generally pass judgment rules, and they have been incorporated in the Statements on Auditing Standards. These standards atomic number 18 grouped into three categories general studies, standards of knit stitch work, and standards of inform. General studies relate to the qualification of the auditor, standards of field work are the conduct of the audit at the place of business and standards of reporting are the standards an auditor must meet when auditing financial statements. A financial audit involves obtaining and evaluating evidence about an entitys demo of its financial position, results of operations, and cash flows for the purpose of expressing an opinion on whether they are presented fairly in conformity with established criteria-usually generally accepted accounting principles (GAAP) (Modern Auditing, p.8).

General standards relate to the qualifications of the auditor and the quality of the auditors work. This is ground on three factors, formal university education, practical training, and continuing nonrecreational education. An operational audit involves obtaining and evaluating evidence about the efficiency and say-so of the entitys operating activities in relation to specified objectives (Modern auditing, p.9). The standard of work category pertain primarily to the conduct of the audit at the entitys place of business (Modern Auditing, p.52). There should be an understanding of the entity and its environments, including internal controls. The standards of field work play... If you want to sit a full essay, order it on our website: Ordercustompaper.com

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