ACC 490 Week 1 Generally Accepted Auditing Standards Paper Get A Grade Work Use As a Guide Only
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Generally Accepted Auditing Standards
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ACC/490
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Instructor Name
Generally Accepted Auditing Standards
The three major elements of Generally Accepted Auditing Standards (GAAS) are general standards, standards of field work, and standards of reporting. These standards are applicable in companies like Jacobsen and Wachterhauser in their process of auditing and reporting to the stakeholders.
General standards require the auditing to be conducted by a professional auditor, issues to be addressed independently and with sound mental attitude, and the undertaking of professional care in the process. Standards of field work requires proper planning and supervision of the task, adequate understanding of entity for the purposes of proper assessment of material misstatements risks, and...
