Generally Accepted Auditing Standards (as modified by SAS _113)

Generally Accepted Auditing Standards (as modified by SAS _113)

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General Standards: 1. TRAINING: The auditor must have adequate technical training and proficiency to perform the audit.” 2. INDEPENDENCE: The auditor must maintain independence in mental attitude in all matters relating to the audit.” 3. DUE PROFESSIONAL CARE: The auditor must exercise due professional care in the performance of the audit and the preparation of the report.” Fieldwork Standards: 4. PLANNING & SUPERVISION: “The auditor must adequately plan the work and must properly supervise any assistants.” 5. INTERNAL CONTROL: The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to fraud or error, and to design the nature, timing, and extent of further audit procedures.” 6. EVIDENCE: “ The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding
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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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