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Generally Accepted Auditing Standards

The foundation of all auditing theory and practice.

GAAS consists of 3 Sets of Standards:
Conduct Standards-fundamental principles of audit conduct- general, fieldwork, reporting
PCAOB Audit Standards (AS) and ASB Statement on Auditing Standards (SAS)
Quality control standards
The audit is to be performed by a person or persons having adequate technical training

and proficiency as an auditor.

Due professional care is to be exercised in the performance of the audit and the

preparation of the report with

an objective state of mind-.
Independence in fact.
Independence in appearance.
Facets of independence:
1. Financial independence.
2. Independence of mental attitude
Having a financial interest in the client.
Having a family relationship with employees, management or owners of the client.
Performing work that is the responsibility of management.
Auditing work that was originally completed by the auditor or the firm.
Providing services to a client that are incompatible to the objectives of the external

Bookkeeping and accounting services.
Financial information systems design and implementation.
Actuarial and valuation services.
Internal audit services.
Expert services including litigation support.
Legal services.
Management functions.
Human resources services.
Corporate financial services.
The obligation on all professional accountants to be fair, intellectually honest, and free of

conflicts of interest.
IFAC Code of Ethics
in the view of a reasonable observer
concern about perceived impairments
Must be skeptical because a potential conflict of interest always exists between the
auditor and the client.

Management wants to portray the company and its operations in the best possible light.
Auditors want to make sure that this portrayal is fair and accurate.
Clarify the issues and objectives
Consider the possible alternatives
Gather and evaluate the relevant evidence
Reach an audit conclusion
Carefully document rationale for the professional judgment reached
Identify the financial statements and distinguish between the responsibilities of

management and the responsibilities of the auditor.

2. Describe the scope of the auditor's examination.
3. Contain either an expression of opinion on the financial statements whether the
financial statements present fairly, in all material respects, the financial position, results
of operations and cash flows in accordance with GAAP or an assertion that an opinion

cannot be expressed. In the latter case, the reasons should be stated.

4. Provide adequate explanation with respect to any reservation contained in such

The firm's system of quality control should include policies and procedures addressing

each of the following elements:

(a) leadership responsibilities for quality within the firm;
(b) ethical requirements;
(c) acceptance and continuance of client relationships and specific assurance

(d) human resources;
(e) engagement performance;
(f) engagement documentation; and
(g) monitoring.
The quality control policies and procedures should be documented and communicated to
the firm's personnel.