The Ten Generally Accepted Auditing Standards

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Presentation transcript:

The Ten Generally Accepted Auditing Standards Dr. Donald K. McConnell Jr. 11/16/2018

Background on GAAS Three General Standards Three Standards of Field Work Four Standards of Reporting Largely Unchanged Since Late 1940’s First General Standard and the Standards of Field Work Were Recently Revised [SAS 105] 11/16/2018

First General Standard The audit must be be performed by a person or persons having adequate technical training and proficiency as an auditor. 11/16/2018

Second General Standard In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors. 11/16/2018

Third General Standard Due professional care is to be exercised in the planning and performance of the audit and the preparation of the report. Note especially definitions of: Professional skepticism (Au 230.07-.09) Reasonable assurance (Au 230.10-.13) 11/16/2018

First Standard of Field Work The auditor must adequately plan the work and must properly supervise any assistants. 11/16/2018

Second Standard of Field Work 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. 11/16/2018

Third Standard of Field Work 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 11/16/2018

First Standard of Reporting The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles 11/16/2018

Second Standard of Reporting The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period 11/16/2018

Third Standard of Reporting Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report 11/16/2018

Fourth Standard of Reporting The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore should be stated. In all cases where an auditor’s name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor’s work, if any, and the degree of responsibility the auditor is taking. 11/16/2018

Various Issues Statements on Auditing Standards (SAS’s) are considered to be interpretations of the 10 GAAS’s Consequences of Violating GAAS 11/16/2018