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ACCT644Phase 2 Discussion BoardJohn Floyd18thJuly 2015Professor Willis JordanWhen private firms are set to undergo the auditing procedure the (GAAS) Generally Accepted Auditing Standards is what is to be used as a guideline for such activity. There are three classifications that are used and these include standards of field work, standards of reporting and general standards. Publicly traded firms can use such guidelines as well and this has been given the approval by the Public Company Accounting Oversight Board.GAAS GuidelinesGeneral standards- This outlines that the auditor must possess a suitable aptitude and education. In addition to this independence is required in presence and circumstance. The execution of procedures should be conducted in a manner that pays special attention to detail. Standards of fieldwork- How the work is carried out is a critical component in this area.
Planning is taken into consideration therefore a plan is needed to ensure all assistants are properly managed. Getting to know the customer and their business is also a requirement