GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced.

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Presentation transcript:

GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

General Standards Adequate training and proficiency Independence Due professional care

Field Work Standards Adequate planning and supervision Understand the client’s internal control Sufficient competent evidence

Reporting Standards Indicate whether the financial statements are prepared based on generally accepted accounting principles Identify deviations regarding consistency Report instances of inadequate disclosures Issue an opinion

STATEMENTS ON AUDITING STANDARDS (“SAS”) Specific guidance on auditing standards Interpret the Generally Accepted Auditing Standards Most authoritative references Minimum standards of performance rather than maximum standards or ideals

QUALITY CONTROL SYSTEM Methods used to ensure that the firm meets its professional responsibilities to clients and others. Are established for the firm depending on such things as the size, # of offices, type of clients, services.

QUALITY CONTROL SYSTEM ELEMENTS 1.Independence, integrity, and objectivity 2.Personnel management –Personnel qualified –Work assigned to who have adequate training –Personnel should participate in professional education –Personnel selected for advancement have the qualifications

QUALITY CONTROL SYSTEM ELEMENTS 3. Acceptance and continuance of clients 4. Engagement performance standards 5. Monitoring test compliance

PEER REVIEWS Review, by CPA’s, of a firm’s compliance with its quality control system. Members of the AICPA are required to have a peer review every three (3) years Others - voluntary

Public Company Accounting Oversight Board Established in 2002 Functions: –Register public accounting firms of reporting companies –Establish or adopt auditing, quality control, ethics, independence, and other standards –Conduct inspections of registered public accounting firms –Perform other duties to promote standards