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Phase 2 Discussion BoardAudit Review and Documentation Colorado Technical University OnlineACCT644-1404B-01: Management Control and AuditingProfessor: Dr. Carla HodgeNovember 26, 2014I. IntroductionGenerally Accepted Auditing Standards (GAAS) are the principle guidelines to be utilized when auditing private firms. GAAS are divided into three classifications: general standards, standards of fieldwork, and standards of reporting. These are the lowest guidelines that should be followed. Also, the Public Company Accounting Oversight Board (PCAOB) has accepted these guidelines for publicly traded firms as well. Every audit assignment worked on could necessitate the examiner to execute tasks further than what is stated in GAAS to correctly deliver a judgment that a firm’s fiscal records are accurately given. Examiners must utilize expert judgments and employ due attention. (Glover, 2014)II. GAAS GuidelinesGeneral standards: The initial three standards are basic ones that describe the credentials necessary to be an examiner and the lowest accepted guidelines expected:oExaminer must possess a suitable education and aptitudeoBe independent in circumstance and presence
oMust implement due expert attention when executing procedures (Glover, 2014)Standards of fieldwork:The subsequent three standards direct how the work is executed:oCreate an adequate plan and make sure every assistant is appropriately overseenoAcquire an appreciation for the customer and their surroundings, consisting of inside regulations, in order to evaluate the risk of material misstatement in the fiscal records and to design the examinationoData gathered throughout the examination is applicable and enough to assess management’s assertions on the fiscal records (Glover, 2014)Standards of reporting: The final four standards involve evidence considered before delivering the examination judgment:oAffirm if the fiscal records are made utilizing GAAPo