acc 491 wk 1 ind assign

acc 491 wk 1 ind assign - There are ten generally accepted...

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There are ten generally accepted auditing standards (GAAS) broadly acknowledged by the public accounting profession. The members of the American Institute of Certified Public Accountants (AICPA) initially sanctioned these standards in the late 1940s. Since this time the ten standards have been integrated into the Statements on Auditing Standards. The 10 standards are grouped into three categories general standards, standards of field work, and standards of reporting. Under general standards, people with sufficient technical guidance or skill as an auditor should complete audits, auditors are to maintain impartiality in mental mindset in respect to all issues of the job, and during the implementation and formulation of reports, auditors must use due professional care. In the standards of field work, auditors must plan effectively and if any assistants are utilized, the person or persons are to be appropriately managed while accomplishing the assignment. The entity and the entity environment should be adequately known, including internal controls and acquired to evaluate the danger of material misstatement of the financial statements whether due to mistakes or deception, and to plan the nature, timing, and extent of further audit actions. In this category the auditor must have rational basis for voicing a view concerning the financial statement of an entity, and use professional reasoning in revealing the amount and quality of proof required to back the judgment of the auditor. In the third category; standards of reporting, the Generally Accepted Accounting Practice (GAAP) has to be acknowledged by the auditor as the
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This note was uploaded on 01/22/2011 for the course ACC 491 taught by Professor Rosales during the Spring '09 term at University of Phoenix.

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acc 491 wk 1 ind assign - There are ten generally accepted...

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