Generally accepted auditing standards pdf code#
Although the AICPA is an American organization, its membership comprises auditors in many different countries as these members agree to follow GAAS as part of adhering to the AICPA’s code of professional conduct, the GAAS is in practice a global framework for auditing. From this perspective, auditing standards in general and the GAAS in particular apply to any type of audit or audit methodology executed by auditors who choose or are obligated to follow the GAAS. 95, the AICPA’s Accounting Standards Board distinguishes between auditing standards and audit procedures by stating that “Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards”. In its Statement on Auditing Standards No. Originally developed and issued by the American Institute of Certified Public Accountants (AICPA) in 1972, the current GAAS comprises 10 standards with which AICPA member auditors are required to comply. Generally Accepted Auditing Standards (GAAS) are a set of principles and requirements that provide the basis for how an auditor prepares for, performs, and reports the results of audits. Gantz, in The Basics of IT Audit, 2014 Generally Accepted Auditing Standards He/she must also check if the financial statements are written as per the GAAP rules or not.Stephen D. The auditor must also be sure to keep a constant check on the quality control in terms of the way the auditing is taking place and the audit report is being prepared. When it comes to any professional task that requires the person―in this case, the auditor―to follow certain standards in order to investigate the loopholes, it is always important to work with due care and diligence. The AICPA offers many courses for the certified public accountants to help them enhance their auditing skills. Continuing Professional Education (CPE)ĬPE is the medium through which the members of a professional group help the professionals of an organization improve and brush up their skills and qualities. This helps to complete the entire process in a more systematic and efficient manner. The auditor must carry out a well planned and effective supervision of the assistants, as well as the entire auditing process. Very similar to the GAAS, this criterion states that the auditor must obtain organizational independence from its management, as this would help him/her evaluate the activities of all organization’s personnel in an uninterrupted and unrestricted manner, also including the management. These are listed as follows – Independence The GAGAS are also known as the Yellow Book and were established by the Government Accountability Office (GAO).
The 5 GAGAS are followed by the auditor when auditing the financial and/or performance audits of the government agencies. Generally Accepted Government Auditing Standards (GAGAS) It is also important for the auditor to comment upon the nature of the organization’s auditor in terms of work efficiency and responsibleness. In failing to do so, he/she must mention a valid reason.
It is important for the auditor to exercise professionalism during the task.It is also necessary for the auditor to consistently keep an independent approach in terms of his/her mental attitude, when it comes to matters related to performing the audit.In order to perform an audit, the auditor must possess adequate amount of proficiency through technical training.
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