Generally Accepted Auditing Standards Paper

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Generally Accepted Auditing Standards Paper Contemporary Auditing I / ACC 491 * * * * * * * * * * * * * * Describe the elements of the Generally Accepted Auditing standards (GAAS) * The generally accepted auditing standards (GAAS) began in April of 2003 by the Public Company Accounting Oversight Board (PCAOB). The standard was also accepted by the auditing Standards Board of American Institute of Certified Public Accountants. GAAS consist of ten standards that establish the framework for conducting audits. The standards provide guidance on what should be included in the financial statements (Boynton & Johnson, 2006). The GAAS consist of three categories that include the ten standards which are called general standards, standards of field work, and standards of reporting. * The general standards convey the characteristics of acceptable training, mental attitude, and the due professional care that an auditor must exhibit (Boynton & Johnson, 2006). The standards of field work provide details of the requirements that need to be met before the audit can begin. The work needs to be sufficiently planned and have a knowledgeable understanding of the organization including its internal controls. This is necessary in order to assess the risk of misstatement of the financial statements, whether due to a mistake or fraud. The evidence obtained through the audit needs to be sufficient and complete (Boynton & Johnson, 2006). The standards of reporting, the auditor is required to imply that the financial statements were provided in accordance with the Generally Accepted Accounting Principles (GAAP). Otherwise, the report needs to be recognized the reasons in which the principles have not been observed. The audit report needs to contain an opinion concerning the financial
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