Name: Vinna P. Zabate
Topic: Generally Accepted Auditing Standards
The thing about audit is …
Myth vs Fact
GAAS represent measures of the quality of the auditor’s
performance. These standards should be looked at as a minimum
standard of performance that auditors should follow.
Myth:
GAAS should be looked
at as the highest standard
of performance that
auditors should follow.
General Standards
1. Examination is to be performed by a person/s having
adequate technical training and proficiency as an auditor.
2. In all matter engaging to an engagement, an independent
in mental attitude is to be maintained by the auditor.
3. Due professional care is to be exercised in the
performance of the audit and in the preparation of the
report.
Fact:
Standards should be
looked at as a minimum
standard of performance
that auditors should
follow.
Standards of Fieldwork
4. The work is to be adequately planned and assistants, if
any, are to be properly supervised.
5. There is to be a proper study and evaluation of existing
internal control as a basis for reliance thereon and for the
determination of the resultant extent of the tests to which
auditing procedures are to be restricted.
6. Sufficient competent evidential matter is to be obtained
through inspection, observation, inquires and
confirmations to afford a reasonable basis for an option
regarding the FS under examination.
Standards of Reporting
7. Report shall state whether the FS are presented in
accordance with GAAP.
8. Report shall identify those circumstances in which
principles have not been consistently observed in the
current period in relation to the preceding period.
9. Informative disclosures are to be regarded as reasonably
adequate unless otherwise stated in the report.
10. Report shall either contain an expression of opinion
regarding the FS, taken as a whole, or an assertion to the
effect that an opinion cannot be expressed.
The things I need more explanation.
Standards of Reporting group of GAAP.
Source of Information
Auditing Theory by
Jekell G. Salosagcol,
CPA; Michael F. Tiu,
CPA; and Roel
Hermosilla, CPA, MBA,
LLB