Auditing and its Standards
Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
There are three different aspects of standards of auditing which are there to assess the quality of an auditors performance and they include: General Standards, Fieldwork Standards and Reporting Standards.
General Standards include: Training, Independence and Due professional care.
Fieldwork Standards include: Planning and supervision, Internal control and Evidence.
Reporting Standards include: Generally Accepted Accounting Principles(GAAP), Consistency, Disclosure and Opinion.
Whenever performing an audit an auditor is required by his/her profession to uphold all the standards mentioned above. If that is not the case then an auditors performance is not considered satisfactory as it is every auditors responsibility to uphold these particular standards.
There are three different aspects of standards of auditing which are there to assess the quality of an auditors performance and they include: General Standards, Fieldwork Standards and Reporting Standards.
General Standards include: Training, Independence and Due professional care.
Fieldwork Standards include: Planning and supervision, Internal control and Evidence.
Reporting Standards include: Generally Accepted Accounting Principles(GAAP), Consistency, Disclosure and Opinion.
Whenever performing an audit an auditor is required by his/her profession to uphold all the standards mentioned above. If that is not the case then an auditors performance is not considered satisfactory as it is every auditors responsibility to uphold these particular standards.
posted by zain at 9:02 PM
4 Comments:
I'm in Accounting 206, and I was just wondering what you thought is the hardest part of that course. We just took the second test, and I still have a "B" in the class. Do you think I should be able to keep that "B" with the rest of the material in the course?
I took 206 quite a while back but i believe what i hated the most was not being able to balance the trial balance and the balance sheet after so much hard work was put into making the T Accounts and making all the journal entries. You can get an A if you work a little harder! I'm sure other than the tests you have projects and quiz's as well. Make sure you do well on your quiz's!
Zain, I really liked your posting regarding to Audit. You have covered most basic terminology in a really good way and it makes it easier to point out main highlighting point. I am taking ACCY 360 this semester. This class is really challenging and at the same time it is very informative class. Whatever Zain has posted to his blog regarding to Audit, I can relate to that because we have covered those points in that class.
Joey, how are doing in ACCY 206?
- Ankit Joshi
I'm glad you can relate to the standards of auditing that i have posted in this blog. These are basically the fundamentals of auditing the terminologies that every individual in the field of audit should be well versed with. I know how challenging auditing can be and the advice that i would like to give you would be to read the text really well and pay attention to all the examples the instructor gives in class. I assure you that you will be successful in this class. Good luck with your finals!
Post a Comment
<< Home