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GAAS Standards

GAAS Standards - presented in accordance with GAAP 2 The...

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GAAS (Generally Accepted Auditing Standards) - AICPA General Standards 1. Adequate technical training and proficiency to perform the audit 2. The auditor must maintain Independence in mental attitude in all matters relating to the audit. 3. The auditor must exercise due professional care in the performance of the audit and the preparation of the report. Field Work 1. Auditor must adequately plan the work and must properly supervise any assistants. 2. Auditor must obtain a sufficient understanding of entity, and its environment, including its internal control to assess risk of material misstatement of the financial statements, whether due to error or fraud, and to design the nature, timing, and extent of further audit further audit procedures. 3. Auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for the opinion regarding the financial statements under audit. Standards of Reporting 1. The Auditor must state in the auditor’s report whether the financial statements are
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Unformatted text preview: presented in accordance with GAAP 2. The auditor must identify in the audits report those circumstances in which such principals have not been consistently observed in the current period in relation to the preceding period. 3. When the auditor determines that informative disclosures are not adequate, the auditor must so state in the audit report. 4. The auditor must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed, in the auditor’s report. When the auditor cannot express an overall opinion the auditor should state the reasons therefore in the auditor’s report. In all cases where an auditor’s name is associated with the financial statements, the auditor should clearly indicate the character of the auditor’s work, if any, and the degree of responsibility the auditor is taking, in the auditor’s report....
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