ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper

May 1st, 2015
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ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper

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Generally Accepted Auditing StandardsACC491Generally Accepted Auditing Standards There are requirement in auditing since the law was created in 2002, and there were several changes to ensure that the auditing is prepare in a professional and accurate way. The Generally Accepted Auditing Standards (GAAS) has 10 elements that are in three sets which are general, field work, and reporting. The Generally Accepted Auditing Standards (GAAS) enhance the way financial report, operational audits and compliance audits.Auditing StandardsThe American Institute of Certified Public Accountants (AICPA) has a set of 10 standards for auditors in the way the auditor must perform their work duties. The general standards contain three difference standards that auditors must have professional training in the way conduct their duties. The general standards contain three standards. These standards state that auditors must have technical training, maintain an independence from the company for the audit, must exercise professional care in performance and reporting (Generally Accepted Auditing Standards, n.d., p. 1). When the fieldwork must be planned and supervised if needed. The auditor must understand the organization environment in detail which includes the internal controls. When dealing with both requirements whichwill aid in fully understanding the risk of management.The next standard is in the category of obtaining the evidence that classified an app

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