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Paper Topic:

Define and discuss the differences and similarities of the following accounting / auditing standards; 1. Generally Accepted Audit Standards (GAAS) 2. Generally Accepted Government Auditing Standards (GAGAS) 3. Public Company Accounting Oversight Board (PC

Running head : GAAS , GAGAS and PCAOB Auditing Standards





A comparison between GAAS , GAGAS and PCAOB Auditing Standards

Outline of the

Contents Page

Abstract 3

Introduction 4

Basic Objectives and Premises between all auditing standards 5

Differences between the auditing standards 8

Conclusion 13

References 15


Audit standards are set codes of conduct for auditors when auditing financial statements or other financial issues of a company . There is also a relation to performance audit and certain attestation

engagements . The American Institute of Certified Public Accountants (AICPA ) established all Generally Accepted Auditing Standards (GAAS GAAS , in turn , formed the basis for other standards like the Generally Accepted Government Auditing Standards (GAGAS ) and the Public Company Accounting Oversight Board (PCAOB . This seeks to define those three standards , while clarifying the similarities and differences between them

All the three standards have some underlying similarities . They all address the basic audit issues like transparency , accuracy , reliability etc of financial statements . They all also spell out standards for audit field work and performances , simultaneously spelling out , on a dynamic base , the education and qualifications required of the audit and audit assistants . All the three standards ultimately target the protection of the firm and its assets or finances . They minimize operational risks And though driven by different objects , GAGAS and PCAOB are based on the AICPA 's GAAS

The different objectives of the three auditing standards results in a difference in their content , approach , criteria and specifications Nowadays , the GAAS...

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