�PAGE � �PAGE �4� Generally Accepted Auditing Standards
Generally Accepted Auditing Standards
Carl R. Foster
January 12, 2009
Mark Stillion
University of Phoenix
Generally Accepted Auditing Standards
The elements of the Generally Accepted Auditing Standards (GAAS), and how these standards apply to financial, operational, and compliance audits will be described. Also, an explanation of the effects that the Sarbanes-Oxley Act of 2002 (SOX), and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Discussion on additional requirements that are placed on auditors from this act, and the actions of the PCAOB will ensue.
Auditing is a process by which economic events and processes are evaluated and verified as true and correct. The information is then evaluated to ensure that it follows GAAP or any other standards that apply. GAAS should be considered as the minimum standard required of an auditor in the execution of an audit engagement.
Michael Oxley , U.S. Senator from Maryland.
Before the signing ceremony of the Sarbanes-Oxley ...
An Auditor as it appears in the SkyOne adaptation ...The ultimate legal question is whether the auditor adhered to reasonable circumstances in compliance with GAAS and GAAP.
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. They are general standards, standards of field work, and standards of reporting. These standards have their own set of rules with strict adherence during every auditing process. General standards are the qualifications the auditor must have before an individual can perform an audit. There are three general standards, adequate technical training and proficiency, independence in mental attitude, and due professional care. The main points are: 1. The audit is...