Generally Accepted Auditing Standards Paper

Auditing has been defined as a systematic process of objectively obtaining and evaluation evidence regarding assertions about economic actions and events to ascertain the spot of correspondence between those assertions and established criteria and communication the results to interested users. (Rittenberg and Schwieger, 2005) The in general Accepted Auditing Standards (GAAS) suck up been originateed by the Public connection Accounting Oversight Board (PCAOB), for public companies, and the American realm of Certified Public Accountants (AICPA), for private companies to guide the practice of canvas at bottom the public story profession in the United States. Companies want to be compliant to check into that their gains and losses atomic number 18 computed correctly. It seems most evitable to huddle when it is time for your year end canvas. in general because it feels deal you are being judged on your work ethic. I forever go into an scrutinize as they are re al service of process out the society to ensure that our accounting practices trace the rules and regulations of generally accepted accounting principles and are ethical. I learned very apace that when the audit team comes in to review your records, it is important to ensure your company has all their Is dotted and ts crossed. I work for a private company. This has its advantages and disadvantages. The main disadvantage is that we are not required to put one across close periods on month end. Our periods end up absolved for much longer than needed. Our last year end audit was not very organized. Our department had turnover in well-nigh every position. We ended up doing more work at the end of the year than we would have done if the books were ready to be audited.

This in return made the department further stub in day to day activities. We recognized the problem and are striving this year to have a smooth... I real enjoyed this spry and concise overview of internal audit prosecures and standards. It is not in my line of products of reckon, but has been very helpful in my research to develop internal controls on a case study I am writing on inadequate auditing practice. The standards for coverage and bodies they are standardized to have been instrumental in a test start for my own paper. Thanks and Kudos to the accounting kinsfolk !! If you want to get a full essay, cast it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper