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Generally Accepted Auditing Standards
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA). AU Section 150 states that there are ten standards: three general standards, three fieldwork standards, and four reporting standards. These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. Typically, the first number of the AU section refers to which standard applies. However, in 2012 the Clarity Project significantly revised the standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards.Morris JT, Thomas T. (2011)Clarified Auditing Standards: The Quiet Revolution ''Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditing Standards Board
In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public accountants (CPAs) for non-public company audits.AICPA Operating Policies, pg. 1 Created in October 1978, it is composed of 19 members representing various industries and sectors, including public accountants and private, educational, and governmental entities. It issues pronouncements in the form of statements, interpretations, and guidelines, which all CPAs must adhere to when performing audits and attestations.Creation of the Auditing Standards Board, AICPA Operating Policies Appendix A, pg. 17, par. 2-6 History Prior auditing standards and authorities The American Institute of Certified Public Accountants has issued guidance to accountants and auditors since 1917, when, at the behest of the U.S. Federal Tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statements On Auditing Standards (United States)
In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing a non-public companyAICPA Operating Policies, pg. 1 and issuing a report. They are promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as "SAS" followed by their respective number and title. With the permission of the AICPA, the full text of Standards 1–101 has been posted on the website of the Digital Accounting Collection at the J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below. List of Statements of Auditing Standards Pre-clarified Statements on Auditing Standards Clarified Statements on Auditing Standards SAS No. 122, ''Clarification and Recodification'', conta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clarity Project
Clarity may refer to: Arts, entertainment, and media Fictional entities * Clarity, a magic spell in the online game ''EverQuest'' * Clarity, a fictional drug from the film '' Minority Report'' Music Albums * ''Clarity'' (Jimmy Eat World album) * ''Clarity'' (Kim Petras album) * ''Clarity'' (Sifow album) * ''Clarity'' (Zedd album) * ''Clarity'', a 2010 album by Article One Songs * "Clarity" (John Mayer song), a 2003 song by John Mayer * "Clarity" (Senakah song) * "Clarity" (Zedd song), a 2012 song by Russian-German electronic dance music producer Zedd featuring the vocals of British singer Foxes * "Clarity", a song by All That Remains from the 2002 album ''Behind Silence and Solitude'' * "Clarity", a song by Attila from the 2021 album '' Closure'' * "Clarity", a song by Kim Petras from the 2019 album of the same name * "Clarity", an instrumental song by Linkin Park from ''LP Underground 12'' * "Clarity", a song by Northlane from the 2022 album ''Obsidian'' * "Clarity", a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. All PCAOB rules and standards must be approved by the U.S. Securities and Exchange Commission (SEC). Purpose In creating the Public Company Accounting Oversight Board (PCAOB), the Sarbanes-Oxley Act required that auditors of U.S. public companies be subject to external and independent oversight for the first time in history. Previously, the profession was self-regulated. Congress vested the PCAOB with expanded oversight authority over the audits of brokers and dealers registered with the SE ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarbanes–Oxley Act
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations. The act, (), also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and Transparency Act" (in the House) and more commonly called Sarbanes–Oxley, SOX or Sarbox, contains eleven sections that place requirements on all U.S. public company boards of directors and management and public accounting firms. A number of provisions of the Act also apply to privately held companies, such as the willful destruction of evidence to impede a federal investigation. The law was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and WorldCom. The sections of the bill cover responsibilities of a public corporation's board of directors, add criminal penalties for certain misconduct, and requir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standards On Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, audit conclusions and audit reports, and standards for specialized areas. Use of the ISAs * European Union: The Audit Directive of 17 May 2006 enforces the use of the ''International Standards on Auditing'' for all Statutory audits to be performed in the European Union. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Auditing And Assurance Standards Board
The International Auditing and Assurance Standards Board (IAASB) is an independent standards body that issues standards, like the International Standards on Auditing, quality control guidelines, and other services, to support the international auditing of financial statements. It is a body supported by the International Federation of Accountants (IFAC). The Public Interest Oversight Board provides oversight of the IAASB, ensuring that the standards are in the public interest The public interest is "the welfare or well-being of the general public" and society. Overview Economist Lok Sang Ho in his ''Public Policy and the Public Interest'' argues that the public interest must be assessed impartially and, therefor .... To further ensure proposed standards are in the public interest the IAASB consults its Consultative Advisory Group, which is composed of standard setters, various international organizations from the private and public sectors, and regulators. Representatives i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Federation Of Accountants
The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants employed in public practice, industry and commerce, government, and academia. The organization supports the development, adoption, and implementation of international standards for accounting education, ethics, and the public sector as well as audit and assurance. It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in small and medium business accounting practices. To ensure the activities of IFAC and the independent standard-setting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statements On Auditing Standards
Statement on Auditing Standards, commonly abbreviated as SAS, provides guidance to external auditors on Generally Accepted Auditing Standards (GAAS) regarding auditing an entity and issuing an auditor's report. It is usually issued by the certified public accountant authoritative body in the region where the standards apply, such as the American Institute of Certified Public Accountants in the United States. Regional Statements *Statements on Auditing Standards (United States) In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing a non-public companyAICPA Operating Policies, pg. 1 and issuing a rep ... * Statements on Auditing Standards (Taiwan) Auditing Auditing standards {{auditing-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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