Auditing Final

AC555 - EXTERNAL ACCOUNTING FINAL EXAM AUGUST, 2011 NAME: 1. (10.0 points) (TCO A) in that location are go publicly accept auditing standards, divided into leash categories. What are the general standards? Answer: The general standards stress the authoritative personal qualities that an auditor should posses, which are: The auditor must deliver adequate proficient training and proficiency to perform the audit. In other rowing formal education in accounting system and auditing. The auditor must respect independence in psychical attitude in all matters relating to the audit. In other terminology not be biased. The auditor must accomplishment collectable original care (careful and diligent) in the performance of the audit and the training of the reputation. Taken from the text, page 35 2. (15.0 points) (TCO A) Distinguish between in general o riginal auditing standards (GAAS) and generally accepted accounting principles (GAAP). What overlord organisation establishes GAAS? What professional organization establishes GAAP?

Answer: Generally accepted auditing standards (GAAS) are 10 general guidelines established to assist auditors to conform to their professional responsibilities. These guidelines include general standards that require auditors to be fit (meaning handy and proficient), have independence (meaning they must not be biased) and employment due professional care (meaning fulfilling their duties diligently and carefully, forum fit and usurp evidence and th e appropriate audit report conclusion). They! excessively include the standards of field work that includes planning and supervision, arrest the clients telephone line and environment, internal controls and gathering of sufficient and appropriate evidence. The last cancel of the standards includes the standards of reporting which requires the auditor to state that statements hustling according GAAP, both inconsistencies found in...If you want to get a full essay, nightspot it on our website: BestEssayCheap.com

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