Elements of the generally accepted auditing standards professional#
Due professional care is to be exercised in the performance of the audit and the preparation of the report.
In all matters relating to an assignment, an independence in mental attitude is to be maintained by the auditor or auditors.The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor.The GAAS continues to apply to non-public companies. Sarbanes–Oxley Act however, it adopted many of the GAAS initially. Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the However, in 2012 theĬlarity Project significantly revised the standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards.
Typically, the first number of the AU section refers to which standard applies. Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. In the United States, the standards are promulgated by theĪuditing Standards Board, a division of theĪmerican Institute of Certified Public Accountants (AICPA).ĪU Section 150 states that there are ten standards: three general standards, three fieldwork standards, and four reporting standards. Several organizations have developed such sets of principles, which vary by territory. Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality ofĪudits are performed and may be judged.