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David - paper - week 1

David - paper - week 1 - Due to the fraudulent financial...

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Due to the fraudulent financial reporting activities of major corporations in recent years, there is an increased demand for improvement in auditing standards. Users have also voiced their demand for tighter regulation with regards to accounting practices of public companies. This paper describes the elements of the Generally Accepted Auditing Standards (GAAS), describes how GAAS apply to financial, operational, and compliance audits, and explains the effect that the Sarbanes-Oxley (SOX) Act of 2002 and the Public Company Accounting Oversight Board (PCAOB) will have on audits of public traded companies. Generally Accepted Accounting Standards GAAS guidelines are set by the American Institute of Certified Public Accountants (AICPA). GASS are standards that are to be adhered to by every auditor. GAAS also establishes criteria on how the auditor is to conduct an audit and how the auditor’s report is to be outlined. The AICPA has set 10 auditing standards U.S. GASS. Some of these standards are: • It is necessary for an auditor to have sufficient technical training and be proficient enough to perform an audit.
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