Standards are principle-focused and provide a framework for performing and. These examples illustrate how GAAS provide a framework for auditors to conduct their work in a professional and ethical manner, and to produce reports that are useful to stakeholders in making informed decisions about the company being audited. Generally accepted auditing standards include four standards of reporting. General standards require that the audit entity be organizationally independent and that the individual auditors assigned to an engagement maintain independence. International Standards for the Professional Practice of Internal Auditing. Reporting: Auditors must prepare a report that accurately reflects their findings and conclusions, and that complies with all relevant reporting requirements.Evidence: Auditors must gather sufficient and appropriate evidence to support their findings and conclusions.See also US Public Company Accounting Oversight Board Generally Accepted Auditing Standards and American Institute of Certified Public Accountants Generally Accepted Auditing Standards. Adequate planning and supervision: Auditors must plan their work and supervise their staff to ensure that the audit is conducted in a thorough and efficient manner. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices. The generally accepted auditing standards used to conduct audits of the financial reporting of companies in the United States. ![]()
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