Gaap Standard Paper

Generally Accepted Auditing Standards Paper

May 16, 2013

Dwayne Thompson

ACC/491

Generally Accepted Auditing Standards

The purpose of this paper is to explain the General Accepted Auditing Standards of a company that I work for now since I do not have one that I can use as I am self-employed by watching my niece and I am an individual sales representative for Avon I do not have the experience or knowledge of how that is done. So what I have done is come up with one of my own as an example.

Elements of Generally Accepted Auditing Standards

The Generally Accepted Auditing Standards (GAAS) is a set of systematic rules that auditors use when they are completing an audit on a company’s finances. Doing this audit will show whether or not the company is honest, trustworthy, accurate, and consistent based on what the auditor has in there reports and actions. The GAAS is split up into three different sections, which are the following: general standard, standard of field work, and standard of reporting ("General Accepting Auditing Standards - GAAS ", n.d.). The three standards that I mentioned above each have their own standards that the auditor has to abide by for each step of the auditing process. The first standard is the general standard and that is where auditing is done by someone who is a trained auditor, the auditor is able to address the work with a mental attitude, and they are able to practice professional care. The next standard is standard of field work, which is where auditors are given the rule on how they are to complete their audit. Then last there is the standard of reporting, which is where the auditor states whether or not the company’s financial statements are following the GAAS principles, and if the auditors are also reporting if they find any circumstances that they find that were not reported on a regular basis during that current period (Kinyo, n.d.).

Financial, Operational, and Compliance...