Codification of generally accepted auditing standards

#CODIFICATION OF GENERALLY ACCEPTED AUDITING STANDARDS CODE#

The work is to be adequately planned, and assistants, if any, are to be properly supervised.ДЄ sufficient understanding of internal control is to be obtained to plan an effective and efficient audit. The fieldwork standards are so named because they pertain primarily to the conduct of the audit at the clientвЂ™s place of business that is, in the field. The standard of due care requires the auditor to act in good faith and not to be negligent in an audit. The auditor is expected to be diligent and careful in performing an audit and issuing a report on the findings.

#CODIFICATION OF GENERALLY ACCEPTED AUDITING STANDARDS CODE#

The auditor must also meet the independence requirements in the AICPAвЂ™s code of professional conduct. The auditor must be free of client influence in performing the audit and in reporting the findings. Continuous professional education during the auditorвЂ™s professional career.Practical training and experience in auditing, and.Formal university education for entry in the profession,.The competency of the auditor is determined by three factors: In every profession, there is a premium on technical competence. The general standards relating to the qualifications of the auditor and the quality of the auditorвЂ™s work. The three categories of the ten generally accepted auditing standards approved by the members of AICPA are explained below General Standards Obtaining sufficient competent evidential matter.Understanding the internal control structure.Adequate planning and proper supervision.Adequate technical training and proficiency.10 GASS standards are approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB).

Codification of generally accepted auditing standards