Chp02 - Slide 2 1 GeneralStandards 1 Adequate technical...

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Slide 2- 1 Professional Standards
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Slide 2- 2 Generally Accepted Auditing Standards  General Standards 1) Adequate technical training and proficiency 1) Independence in mental attitude is to be maintained 1) Due professional care is to be exercised
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Slide 2- 3 Generally Accepted Auditing Standards  Standards of Field Work 1) Work is to be adequately planned and properly supervised 2) Sufficient understanding of the entity and its environment, including internal control, is to be obtained 3) Sufficient appropriate evidential matter is to be obtained to afford a reasonable basis for the opinion
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Slide 2- 4 Generally Accepted Auditing Standards  Standards of Reporting 1) State whether the financial statements are presented in accordance with GAAP 2) Identify circumstances in which such principles have not been consistently applied 3) Informative disclosures are adequate unless otherwise stated in the report 4) Report should clearly state the degree of responsibility being assumed by the auditors by expressing an opinion or stating that one cannot be expressed, and the reason therefore.
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Slide 2- 5 Statements On   Auditing Standards  (SASs) SASs are issued by the Auditing Standards Board and are considered interpretations of GAAS. SASs receive their authority from Rule 202 of the Code of Professional Conduct. GAAS and the SASs are considered to be minimum standards of performance for auditors. SASs are organized under two numbering systems » Original SAS number (chronologically organized) » AU number (organized by topic)
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Slide 2- 6 Statements On   Auditing Standards  (SASs) The AU classification system » Introduction (100) » General Standards (200) » Standards of Field Work (300) » Standards of Reporting 1-3 (400) » Standards of Reporting 4 (500) » Other Types of Reports (600) » Special Topics (700) » Compliance Auditing (800) » Special Reports of the Committee on Auditing Procedures (900)
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Slide 2- 7 Auditor Responsibility for the  Detection of Errors and Fraud Assess the risk of errors and fraud that may cause the financial statements to contain a material misstatement. Based on that assessment, plan and perform the audit
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Chp02 - Slide 2 1 GeneralStandards 1 Adequate technical...

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