Generally Accepted Accounting Practices

by and large Accepted Auditing Standards

January 12, 2009

University of Phoenix

The elements of the Generally Accepted Auditing Standards (GAAS), and how these standards apply to financial, operational, and compliance audits bequeath be described. Also, an interpretation of the effects that the Sarbanes-Oxley Act of 2002 (SOX), and the Public Company Accounting heed Board (PCAOB), will have on audits of publicly traded companies. intervention on additional requirements that are placed on listeners from this act, and the actions of the PCAOB will ensue.

Auditing is a process by which scotch events and processes are evaluated and verified as true and correct. The information is then(prenominal) 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. 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 prune of systematic guidelines used by auditors when conducting audits on companies finances, ensuring the accuracy, consistency and verifiability of auditors actions and reports (Lexico produce Group, 2008). The following paper will explain the elements of GAAS and how GAAS is applied to audits.
GAAS has one-third elements. They are general standards, standards of field work, and standards of reporting. These standards have their own aim of rules with strict adherence during every auditing process.
General standards are the qualifications the auditor must have before an individual can transact an audit. There are three general standards, adequate technological training and advance, independence in mental attitude, and due headmaster care. The main points are:
1. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.

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