![]() ![]() The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows: Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards. Auditing procedures differ from auditing standards. Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Effective for audits of financial statements for periods beginning on or after December 15, 2001, unless otherwise indicated.01Īn independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards (GAAS). AU Section 150 Generally Accepted Auditing Standards The following auditing standard has been rescinded effective as of Decempursuant to SEC Release No. Small Business and Broker-Dealer Forums.PCAOB International Institute on Audit Regulation.Conference on Auditing and Capital Markets.Information for Auditors of Broker-Dealers.The International Forum of Independent Audit Regulators and Other International Organizations.Audit Reports Issued by PCAOB-Registered Firms Located Where Authorities Deny Access to Conduct Inspections.Board Determinations Under the Holding Foreign Companies Accountable Act.PCAOB Cooperative Arrangements with Non-U.S.Updated PCAOB Staff Considerations on Recommending the Identification of Issuers and/or Broker-Dealers in Settled Enforcement Orders.Inspections-Related Board Reports and Statements.Implementation Resources for PCAOB Standards and Rules.Standards and Emerging Issues Advisory Group.The sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit. Obtaining sufficient competent evidential matter ![]() Understanding the internal control structureĪ sufficient understanding of internal control is to be obtained to plan an effective and efficient audit. The work is to be adequately planned, and assistants, if any, are to be properly supervised. The fieldwork standards are so named because they pertain primarily to the conduct of the audit at the client’s place of business in the field. The standard of due care requires the auditor to act in good faith and not to be negligent in an audit. ![]() The auditor must be diligent and careful in performing an audit and issuing a report on the findings. The auditor must also meet the independence requirements of the AICPA’s professional conduct. The auditor must be free of client influence in performing the audit and reporting the findings.
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