10 GENERALLY ACCEPTED AUDITING STANDARDS (GAAS) - AUDITING THEORY скачать в хорошем качестве

10 GENERALLY ACCEPTED AUDITING STANDARDS (GAAS) - AUDITING THEORY

10 GENERALLY ACCEPTED AUDITING STANDARDS (GAAS) General Standards 1. The auditor must have adequate technical training and proficiency to perform the audit 2. The auditor must maintain independence in mental attitude in all matters related to the audit. 3. The auditor must use due professional care during the performance of the audit and the preparation of the report. Standards of Field Work 1. The auditor must adequately plan the work and must properly supervise any assistants. 2. 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 error or fraud, and to design the nature, timing, and extent of further audit procedures. 3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an 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 in accordance with generally accepted accounting principles (GAAP). 2. The auditor must identify in the auditor's report those circumstances in which such principles 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 reasonably adequate, the auditor must so state in the auditor's report. 4. The auditor must either express an opinion regarding the financial statements, taken as a whole, or state that such an opinion cannot be expressed in the auditors 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 the 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. ----- WHAT IS THE CPA RECIPE? The CPA Board Exam is probably one of the toughest licensure exams in the Philippines. That's why we aim to help students have a good fundamental accounting skillset to help them in their CPA journey. In this series of lectures by The CPA Recipe, we discuss the basics of accounting in a fun, easy to understand, and engaging way. ----------- Follow us on Facebook!   / cparecipeofficial   ----------- Links to Other Episodes: Episode 1: What is Auditing? in 10 Minutes    • What is Auditing and What to Expect i...   Episode 2: 5 Differences Between External and Internal Audit    • Five (5) Differences Between External...   #AuditingTheory #GAAS #TheCPARecipe