The general standards require that the auditor have adequate technical training and expertise to perform audit, maintain an independent mind in all the matters that relate to the audit and exercise professionalism during his analysis and preparation of final report in order to avoid errors or chances of unethical behavior. Elements of Generally Accepted Audit Standards In the United States, the generally accepted auditing standards were developed by the Auditing Standards Board of American Institute of Certified Public Accountants and contain ten auditing standards (Beasley & Carcello, 2008). Much emphasis have been placed on auditing standards especially in the 21st century that has been characterized by increased high profile corporate scandals resulting from unregulated auditing.Īs a result, numerous organizations across the world have adopted auditing standards in production and analysis of their financial statements.
#Elements of the generally accepted auditing standards professional
The standards define who is qualified to perform an audit engagement and the need for adequate technical training and proficiency, which promotes professional care in the engagement of audit. They are personal and relate to the qualifications of the auditor and the professional care exercised in a particular audit engagement. Generally Accepted Auditing Standards Introduction Generally accepted auditing standards refer to a set of standards through which the quality of audits is assessed.
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