FratFiles

• Save Paper

Generally Accepted Auditing Standards
Heather Sheetz
Accounting 491
Julie Oldham
March 28, 2008

Generally Accepted Auditing Standards
Generally Accepted Auditing Standards or GAAS is “a set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency and verifiability of auditors' actions and reports” (Lexico Publishing Group, 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits.
GAAS has three elements that must be used during every audit. They are general standards, standards of field work, and standards of reporting. Each of the three standards has their own set of rules that must be complied with during every audit.
General standards are the qualifications the auditor must have before he/she can perform an audit. There are three general standards, adequate technical training and proficiency, independence in mental attitude, and due professional care. The......

View the rest of this paper...

Approximate Word Count: 940
Approximate Pages: 4 (250 words per double-spaced page)

Similar Essays

1. Generally Accepted Auditing Standards Paper
   

   Generally Accepted Auditing Standards Paper. ... The elements of the Generally Accepted
   Auditing Standards are the General, Fieldwork and Reporting Standards. ...

2. Generally Accepted Auditing Standards
   

   Generally Accepted Auditing Standards. Generally Accepted Auditing Standards
   Heather Sheetz Accounting 491 Julie Oldham March 28, 2008 ...

3. Generally Accepted Auditing Standards Paper
   

   Generally Accepted Auditing Standards Paper. Auditing plays a vital role
   in business, government, and our economy. The current paper ...

4. History Of Accounting
   

   ... They were generally accepted because most accountants did certain ... They accepted
   government licensure ... Most importantly, auditing financial statements was limited ...

5. Ethical And Legal Obligations In Accounting
   

   ... responsibility in the public interest" (FACTSaboutFASB, 2005, 2). Current generally
   accepted accounting principles (GAAP) and auditing standards require that ...