The integration of the GAAS, the AICPA, the PCAOB and the IAS
Background Information
The Generally Accepted Auditing Standards refers to standards that are used to audit Private Corporations (Sunder, 2010 P. 100). The standards are divided into three categories. The categories include; fieldwork standards, reporting standards as well as general standards. The general standards address the individual’s qualifications to become an auditor as well as the minimum standards for the work product. According these standards, an auditor must have adequate proficiency and training, must be independent in appearance and facts and must have the ability to exercise the necessary professional care while performing the auditing tasks (Hail, Leuz & Wysocki, …show more content…
200). The members of the American Institute of Certified Public Accountants represent industry and business, consulting, education, government and public practice. The role of the institute is to test the ethical principles of the profession as well as the United States auditing principles for nonprofit organizations, private companies, local governments, federal and states. The institute also grades and develops the uniform Certified Public Accounts examinations and gives specialty credentials for a student who wishes to concentrate on forensic accounting, personal financial planning, information management, business valuation and technology assurance. The American Institute of Certified Public Accountants came up with the Chartered Global Management Accounting designation via a joint undertaking with the Chartered Institute of Management Accountants. The development set a new principle for the world recognition of the management …show more content…
The standards are developed by the International Federation of Accountants via the International Auditing and Assurance Standard Board (Varga, Hansen, Sandøe & Olsson, 2010, p.500). The International Audit Standards guides the auditors so as to add value to his work hence building the investors’ confidence. The auditing standards require that the audit information is presented in different sections to ensure relevance and clarity. The sections include introduction, definition, objective, requirements as well as application and explanatory material. The introduction section contains information pertaining the scope, subject and purpose matters of the International Auditing Standards together with the auditors’ responsibilities in the context that is set by the International Auditing Standards. Every International Auditing Standard contains a clear statement of the auditor’s in the area of audit as addressed by the auditing principle. To ensure that a great understanding of the International Auditing Standards is achieved, the board ensures that every applicable term is defined as per the principles and that every objective is supported by requirements that are clearly stated (Agoglia, Doupnik & Tsakumis, 2011, p. 750).. The requirements should also be expressed on what the auditor shall do. Additionally, the explanatory as well as the application materials
Background Information
The Generally Accepted Auditing Standards refers to standards that are used to audit Private Corporations (Sunder, 2010 P. 100). The standards are divided into three categories. The categories include; fieldwork standards, reporting standards as well as general standards. The general standards address the individual’s qualifications to become an auditor as well as the minimum standards for the work product. According these standards, an auditor must have adequate proficiency and training, must be independent in appearance and facts and must have the ability to exercise the necessary professional care while performing the auditing tasks (Hail, Leuz & Wysocki, …show more content…
200). The members of the American Institute of Certified Public Accountants represent industry and business, consulting, education, government and public practice. The role of the institute is to test the ethical principles of the profession as well as the United States auditing principles for nonprofit organizations, private companies, local governments, federal and states. The institute also grades and develops the uniform Certified Public Accounts examinations and gives specialty credentials for a student who wishes to concentrate on forensic accounting, personal financial planning, information management, business valuation and technology assurance. The American Institute of Certified Public Accountants came up with the Chartered Global Management Accounting designation via a joint undertaking with the Chartered Institute of Management Accountants. The development set a new principle for the world recognition of the management …show more content…
The standards are developed by the International Federation of Accountants via the International Auditing and Assurance Standard Board (Varga, Hansen, Sandøe & Olsson, 2010, p.500). The International Audit Standards guides the auditors so as to add value to his work hence building the investors’ confidence. The auditing standards require that the audit information is presented in different sections to ensure relevance and clarity. The sections include introduction, definition, objective, requirements as well as application and explanatory material. The introduction section contains information pertaining the scope, subject and purpose matters of the International Auditing Standards together with the auditors’ responsibilities in the context that is set by the International Auditing Standards. Every International Auditing Standard contains a clear statement of the auditor’s in the area of audit as addressed by the auditing principle. To ensure that a great understanding of the International Auditing Standards is achieved, the board ensures that every applicable term is defined as per the principles and that every objective is supported by requirements that are clearly stated (Agoglia, Doupnik & Tsakumis, 2011, p. 750).. The requirements should also be expressed on what the auditor shall do. Additionally, the explanatory as well as the application materials