What is the objective of GAAS?

What is the objective of GAAS?

GAAS helps to ensure the accuracy, consistency, and verifiability of an auditors’ actions and reports. The generally accepted auditing standards (GAAS) are contained within three sections that cover general standards, fieldwork, and reporting.

What are the overall objectives of the auditor in the conduct of the audit of financial statements?

The auditor’s objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes the auditor’s opinion.

Which of the following best describes the objective of an audit of financial statements?

27. Which of the following best describes the objective of an audit of financial statements? a. To express an opinion whether the financial statements are prepared in accordance with prescribed criteria.

What are the three auditing standards that constitute GAAS?

The generally accepted auditing standards (GAAS) are the standards you use for auditing private companies. GAAS come in three categories: general standards, standards of fieldwork, and standards of reporting.

What are the objective and general principles governing an audit of financial statements?

1] Integrity, Independence and Objectivity The auditor has to be honest while auditing, he cannot be favoring the organization. He must remain objective throughout the whole process, his integrity must not allow any malpractice. Another important principle is independence.

What is the general character of the three GAAS classified as standards of fieldwork?

What is the general character of the three generally accepted auditing standards classified as standards of field work? a, The competence, independence, and professional care of persons performing the audit.

Which of the following documentation is required for an audit in accordance with GAAS?

The correct answer is b) A client engagement letter that summarizes the timing and details of the auditor’s planned fieldwork.

What does arsenide mean?

Definition of arsenide : a binary compound of arsenic with a more electropositive element.

What is the objective of the Iaasb who uses international standards on auditing?

The IAASB’s objective is to serve the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards.

What do you mean by financial statement audit?

The term audit usually refers to a financial statement audit. A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.

What are the 10 GAAS?

10 Generally Accepted Auditing Standards

• General Standards. Adequate technical training and proficiency. Independence in mental attitude.
• Standards of Fieldwork. Adequate planning and proper supervision. Understanding the internal control structure.
• Standards of Reporting. Financial statements presented by GAAP.

Which of the following underlies the application of GAAS particularly the standards of fieldwork and reporting?

Which of the following underlies the application of generally accepted auditing standards, particularly the standards for obtaining sufficient appropriate audit evidence? The elements of materiality and audit risk.

Which section of the aicpa’s generally accepted auditing standards describes the purposes of audit documentation?

A15 Section 220 requires the auditor to review the audit work performed through review of the audit documentation.

Which of the following documentation is required for an audit in accordance with the standards on auditing a an internal control questionnaire?

What element is GAAS?

arsenic, the semiconductor is called gallium arsenide, or GaAs. However, other elements such as indium, phosphorus, and aluminum are often used in the compound to achieve specific performance characteristics.