Ch _2 Basic Professional Standards

Ch _2 Basic Professional Standards - ACCY 360/560 Assurance...

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ACCY 360/560 Assurance Services "Basic Professional Standards" (Chapter #2) I. Standards important criteria by which we measure quality I II A. Generally Accepted Accounting Principles (GAAP) the standards by which the quality of the financial statements are judged B. Generally Accepted Auditing Standards (GAAS) the standards by which the quality of the auditor’s performance is judged C. Attestation Standards the standards by which the CPA’s performance is judged for an attestation engagement II. Generally Accepted Auditing Standards (GAAS) – 10 of these [Remember “ TID - PIE - GCDO ”] A. General standards – 3 of these ("TID") which are “personal” in nature as they relate to qualities that the auditor brings to the assignment 1. Training —the auditor must be adequately trained with skills in auditing 2. Independence —the auditor must maintain an independent state of mind 3. Due professional care —the auditor must adhere to standards of the profession, but that does not require infallibility or perfection
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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Ch _2 Basic Professional Standards - ACCY 360/560 Assurance...

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