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About this document
- Pages
- 3 pages
- Price
- $3 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Accounting, Auditing
- Module
- ACC 491
These lecture notes cover the Generally Accepted Auditing Standards (GAAS) for ACC 491. They explain the ten standards that make up GAAS, their categories, and how they apply to different types of audits. The notes also discuss the impact of the Sarbanes-Oxley Act on auditing practices.
What's inside
- Introduction to Generally Accepted Auditing Standards
- Categories of GAAS: general standards, field work, reporting
- Types of audits: financial, operational, compliance
- Sarbanes-Oxley Act and its impact on auditing
- Importance of auditing in business operations
Who it is for: Students taking ACC 491 Contemporary Auditing. (Undergraduate)
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Summary
Generally Accepted Auditing Standards (GAAS) guide auditors in their work. Students learn what GAAS are, and how they apply to different types of audit.
What are GAAS?
GAAS are a set of principles that auditors must follow. They cover the auditor's skills, independence, and care. They also cover field work and reporting.
Types of audit
Financial audits check financial statements. Operational audits look at daily operations. Compliance audits check if employees follow rules.
Sarbanes-Oxley act
This act changed how accounting professionals work. It affects audits of publicly traded companies. It also addresses conflict of interest.
The role of auditing
Auditing helps businesses operate properly. It gives investors accurate information. It helps prevent misleading or fraudulent financials.
Key terms
- Generally Accepted Auditing Standards
- A set of principles that guide auditors in their work.
- Generally Accepted Accounting Principles
- Principles that guide the preparation of financial statements.
- Sarbanes-Oxley act
- A law that changed how accounting professionals work, especially for publicly traded companies.
- Conflict of interest
- A situation where an auditor's judgment might be affected by personal interests.
- Public Accounting Oversight Board
- A body that maintains standards and protects investors' interests.
- Field work
- The work that auditors do to gather evidence and understand the company.
Questions this document helps with
- What are the main principles of GAAS?
- How do financial audits differ from operational audits?
- What changes did the Sarbanes-Oxley act bring to auditing?
Summary written with AI from the document's text.
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