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Generally Accepted Auditing Standards University of Phoenix Contemporary Auditing 1 ACC 491




Auditing is managed by a set of characteristics referred to as Generally Accepted Auditing Standards or GAS, and these principles are linked to the American Institute of Certified Public Accounts. There are ten standards that make up GAAS, of which can be combined to obtain the following categories, standards, standards of field work, and the standards of reporting (AICPA). The general standards consist of three standards including the auditor?s proficiency in performing the audit, the independence of the auditor in relation to other scenarios, and the auditor?s ability to exercise professional care. The following three standards of field work are the auditor?s ability to supervise and provide assistance, the understanding of the company?s environment, internal controls, and the risk of material misstatement of financial statements. Finally, the auditor must make their


Paper#20726 | Written in 18-Jul-2015

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