Generally Accepted Accounting Practices

by and large reliable Auditing Standards January 12, 2009 University of Phoenix The elements of the Generally Accepted Auditing Standards (GAAS), and how these standards apply to financial, operational, and meekness audits bequeath be described. Also, an interpretation of the effects that the Sarbanes-Oxley Act of 2002 (SOX), and the Public Comp all Accounting heed control board (PCAOB), will have on audits of publicly traded companies. intervention on additional requirements that are placed on listeners from this act, and the actions of the PCAOB will ensue. Auditing is a process by which scotch events and processes are evaluated and verified as true and correct. The information is then(prenominal) evaluated to ensure that it follows GAAP or any other standards that apply. GAAS should be considered as the minimum standard indispensable of an auditor in the execution of an audit engagement. The ultimate court-ordered questio n is whether the auditor adhered to reasonable circumstances in compliance with GAAS and GAAP. Generally Accepted Auditing Standards Generally Accepted Auditing Standards or GAAS is a prune of systematic guidelines used by auditors when conducting audits on companies finances, ensuring the accuracy, eubstance and verifiability of auditors actions and reports (Lexico produce Group, 2008). The following paper will explain the elements of GAAS and how GAAS is utilise to audits. GAAS has one-third elements. They are general standards, standards of field work, and standards of reporting. These standards have their stimulate aim of rules with strict adherence during every auditing process. General standards are the qualifications the auditor must have before an individual canister transact an audit. There are three general standards, equal technological provision and advance, independence in mental attitude, and collectable headmaster care. The main points are: 1. The aud it is to be performed by a person or persons! having adequate technical training and proficiency as an auditor. If you want to get a well(p) essay, smart set it on our website: OrderEssay.net

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