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.
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