Unit 2 DB.docx - Colorado Technical University Brandon Choi...

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Colorado Technical UniversityBrandon ChoiAcct 644 Management Control and AuditingUnit 2 Discussion BoardGenerally accepted auditing standard (GAAS) is a direction used by auditors to conduct an audit for the company. Auditors make plan and report the financial statements in accordance with GAAS. These are declared by Auditing Standard Board. There are three categories of standards and ten standards.General standards are the minimum qualification of an auditor.1.An auditor should have adequate training and proficiency.2.An auditor should be independent in all matters of the audit.3.An auditor should act due professional care in performing for the audit.Standards of Fieldwork are how an auditor works in the field.1.An auditor should work by the adequate plan and correctly mange any assistants.2.An auditor should understand the clients and its circumstance, including internal controls, to make a plan for the audit and evaluate the risk of material misstatement inthe financial statements.

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