Generally Accepted Auditing Standards Assignment Help

Generally Accepted Auditing Standards Assignment Help Elements of GAAS

According ot the business accounting case study assignment help experts, Generally Accepted Auditing Standards (GAAS) includes the standards to judge the quality of audits. The principles of GAAS vary from territory to territory.  Assignment Help[/caption] GAAS includes 10 standards, which are developed and amended by Auditing Standard Board of American Institute of Certified Public Accountants (AICPA) (Beasley & Carcello, 2008). Auditing standard board is the senior committee of AICPA to have control over the auditing, attestation and quality. This organization is aimed to develop and communicate the comprehensive standards related to reporting, control standards, quality for enabling the auditors of non-issuers in providing high quality audit and attestation services in the best interest of their profession at reasonable costs (AICPA, 2012). The elements developed by the AICPA are as below discussed by team of Australian writers:

General Standards:

  1. Auditor is required the technical training and proficiency essentially to perform the audit. As without the appropriate training quality would not be served to the clients in audit.
  2. There should be independence in the metal attitude of auditor related to all matters of audit in fact and in appearance (Dauber, 2009).
  3. While performing audit and preparing the report, the auditor is also required to exercise the due professional care to ensure quality. The auditor is also responsible to perform the audit diligently and to report for any misleading statement in the financial or other audited reports (Generally Accepted Auditing Standards, 2001).

Standard of Field Work:

  1. In the field, the auditors should have to plan adequately for work and supervise any assistants properly to ensure the proper completion of audit work
  2. As per the standards in the field, auditors must obtain the sufficient information to enhance understanding about the entity and its environment. The understanding should be developed in terms of internal control in the firm for assessing the risk of material misstatement in the financial statements, which can be incurred due to error, or fraud (Dauber, 2009). The information about internal control is also necessary to design the nature and timing of auditing procedures.
  3. The sufficient appropriate audit evidences must be obtained by the auditors with the audit procedures as a basis for its opinion on the financial statements of an entity under audit.

Standards of Reporting:

  1. In auditor’s report, the auditor essentially required to present whether the financial statements are presented in accordance of generally accepted accounting principles (GAAP) or not. It is helpful for shareholders to protect their interest (Dauber, 2009).
  2. The auditor is also required to identify the circumstances in auditor’s report in which the application of these principles have not been observed consistently in current period in the relation of preceding period. It is effective to determine the change in circumstances and its impact over the financial statements of the firm (Generally Accepted Auditing Standards, 2001).
  3. If auditor determines that the informative disclosures are not reasonable adequate then he/she is required to state this in auditor’s report as the main responsibility of auditor is to produce real results of an entity (Dauber, 2009).
  4. The auditor is also required to express an opinion regarding the financial statements as a whole or should state that opinion cannot be expressed. In case, when the opinion in auditor’s report cannot be expressed then auditor should also state the reason for this. It is responsibility of auditor to clearly indicate the character of auditor’s work if any and the extent of responsibility in all cases, where the name of auditor is associated with the financial statements (Generally Accepted Auditing Standards, 2001). It will be effective to clarify the responsibility of auditor for the financial statements of an entity.

References AICPA. (2012). Auditing Standard Board. Retrieved from: http://www.aicpa.org/Research/Standards/AuditAttest/ASB/Pages/AuditingStandardsBoard.aspx Beasley, M.A. & Carcello, J.V. (2008). GAAS Guide 2009: A Comprehensive Restatement of Standards for Auditing, Attestation, Compilation, and Review. USA: CCH. Dauber, N.A. (2009). Wiley The Complete Guide to Auditing Standards, and Other Professional Standards for Accountants 2009 (5th ed.). USA: John Wiley & Sons. Generally Accepted Auditing Standards. (2001). Retrieved from: http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00150.pdf   Assignmenthelpexperts.com is the place where students can get assignment writing services from qualified assignment writers. You can get assignment help in accounting assignment help when clients looking for online  assignment help US. Our Assignment helper has the master and doctoral degrees from the first fifty universities ranking of Australia, US and UK.  Our Australian, US and UK assignment writing experts well knows the student’s academic requirements of the colleges across the world of any management assignment help. Students who need any topic academic assignment help can touch with our 24X7live support system or can send e-mail at info@www.assignmenthelpexperts.com

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