ACC 410 Week 1 Assignment Generally Accepted Auditing Standards

May 7th, 2015
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Generally Accepted Auditing Standards. Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones resulted in a failure to comply with each standard. Organize your answer as shown below; specifically with a column for the standard that was violated and a column for the required action. The paper should be 2-3 pages. Problem: John Clinton, owner of Clinton Company, applied for a bank loan and was informed by the banker that audited financial statements of the business had to be submitted before the bank could consider the loan application. Clinton then retained Arthur Jones, CPA, to perform an audit. Clinton informed Jones that audited financial statements were required by the bank and that the audit must be completed within three weeks. Clinton also promised to pay Jones a fixed fee plus a bonus if the bank approved the loan. Jones agreed and accepted the engageme

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Generally Accepted Auditing Standards(Your Name)ACC410 Auditing(Instructor's Name)(Date)Tutorial-Please do not copy word for word!Generally Accepted Auditing StandardsGenerally Accepted Auditing Standards (GAAS) are sets of standards used to judge the quality of audits performed. The US GAAS are ten auditing standards developed by the American Institute of Certified Public Accountants (AICPA). The GAAS consists of general standards, standards of field work, and standards of reporting. From the AICPA, AU Section 150, the US GAAS are as follows:General Standards1. The auditor must have adequate technical training and proficiency to perform the audit.2. The auditor must maintain independence in mental attitude in all matters related to the audit.3. The auditor must use due professional care during the performance of the audit and the preparation of the report.Standards of Field Work1. The auditor must adequately plan the work and must properly supervise any assistants.2. The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.

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