Importance of Generally Accepted Auditing Standards GAAS Video
Auditing - Generally Accepted Auditing Standards - Severson Importance of Generally Accepted Auditing Standards GAAS.
APA format graduate writing using proper headings and citation to included page or paragraph in citation.
As an auditor, the following situations have caused you to become concerned regarding an upcoming external audit:. Generally accepted auditing standards GAAS includes three separate areas or standards which are required to be followed. Each major subcategory is then broken down into ten separate rules. There is some concern that some of the situations mentioned above could potentially be https://www.ilfiordicappero.com/custom/foster-partners-holdings-limited/case-analysis-of-mylan.php violation of the GAAS standards.
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As Audiging, the GAAS standards must be compared to the audit program to detect any potential violations Complete the following:. For assistance with your assignment, please use your text, Web resources, and all course materials. The students are graded on the quality and originality of their posts and responses, not the quantity. Students should identify the 3 categories of the generally accepted auditing standards GAAS and list the standards that are included in each category. Students should identify which standard is being violated by each situation mentioned above and determine what corrective action should be instituted.
Again, students should also include the corrective actions that they deem appropriate for each situation or violation. As an auditor, the following situations have caused you to become concerned regarding an upcoming external audit: Due to timing constraints, the audit will commence in mid-February once the month-end books are closed.
Cheques and balances. It all adds up.
The external auditors are not allowed to examine the end-of-the-year physical inventory count, or other important end-of-the-year procedures. The external audit manager on the engagement owns stock in the company that will be audited. Due to the timing of the audit procedures and staffing, some areas link the audit will not be done, although there are major areas of concern. The auditor learned that some transactions performed in the accounting department may not comply with generally accepted accounting principles GAAP.
One of the team members on the audit engagement is assigned to perform the testing of the IT controls. However, the auditor has never done this type of work before, Acecpted has the auditor ever had training in IT. As such, the GAAS standards must be compared to the audit program to detect any potential violations Complete the following: Create a list of the standards and categorize each in the appropriate category.
Policy & Procedures:
Identify all standards that could be in jeopardy of violation Include an action link with the Impotance steps to take to ensure compliance. Objectives: Discuss the application of audit theory, GAAS, and a professional code of practice in conducting an audit. Model Answer: The students are graded on the quality and originality of their posts and responses, not the quantity. General Standards Violation The external audit manager on the engagement owns stock in the company that will be audited. Violation One of the team members on the audit engagement is assigned to perform the testing of the IT controls; however, the auditor has never done this type of work before, nor has he or she ever had training in IT.
Standards of Fieldwork Violation Due to timing constraints, the audit will begin in mid-February after the books have been closed. The external auditors will not be able to examine the end-of-the-year physical inventory count or other important end-of-the-year procedures. Violation Due to the timing of the audit and staffing, some areas Importance of Generally Accepted Auditing Standards GAAS the audit will not be done, although there are of some concern. Standards of Reporting Violation The auditor learned that some transactions performed in the accounting department may not comply with generally accepted Standares principles GAAP.]
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