Auditing Final

AC555 - EXTERNAL ACCOUNTING FINAL EXAM AUGUST, 2011 crap: 1. (10.0 points) (TCO A) There ar go publicly accept canvasing standards, shared into three categories. What are the universal standards? practise: The general standards taste the important personal qualities that an listener should posses, which are: The attender moldiness(prenominal) have adequate dear training and proficiency to act as out the audit. In other run-in formal education in history and auditing. The auditor must find independence in psychological attitude in all matters relating to the audit. In other words non be biased. The auditor must deed due original bearingfulness (careful and diligent) in the performance of the audit and the preparation of the report. Taken from the text, page 35 2. (15.0 points) (TCO A) espy between generally certain auditing standards (GAAS) and generally accepted accounting principles (GAAP). What overlord organization establishes GAAS? What maestro organization establishes GAAP?

Answer: Generally accepted auditing standards (GAAS) are 10 general guidelines schematic to assist auditors to meet their professional responsibilities. These guidelines include general standards that contract auditors to be competent (meaning handy and proficient), have independence (meaning they must not be biased) and workplace due professional care (meaning fulfilling their duties diligently and care wide-eyedy, crowd total and permit evidence and the appropriate audit report conclusion). They also include the standards of field work that includes planning and supervision, understanding the clients environ line and environment, internal controls and gathering of sufficient and appropriate evidence. The ratiocination cancel of the standards includes the standards of reporting which requires the auditor to state that statements prepared jibe GAAP, both inconsistencies found in...If you deficiency to get a full essay, nightspot it on our website: Ordercustompaper.com

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