10 generally accepted auditing standards

10 GENERALLY ACCEPTED AUDITING STANDARDS PROFESSIONAL

The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit

The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. The auditor must adequately plan the work and must properly supervise any assistants.

10 GENERALLY ACCEPTED AUDITING STANDARDS PROFESSIONAL

Note especially definitions of: Professional skepticism (Au ) Reasonable assurance (Au ) ĭue professional care is to be exercised in the planning and 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 must be be performed by a person or persons having adequate technical training and proficiency as an auditor. Three Standards of Field Work Four Standards of Reporting Largely Unchanged Since Late 1940’s First General Standard and the Standards of Field Work Were Recently Revised Presentation on theme: 'The Ten Generally Accepted Auditing Standards'- Presentation transcript:ġ The Ten Generally Accepted Auditing StandardsĢ Background on GAAS Three General Standards

10 generally accepted auditing standards