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Paper Topic:


Systematic rules are to be followed by the auditor when performing audits for ensuring the accuracy , consistency and verifiability of auditors ' actions and reports . These systematic rules are called as auditing standards . Using the standards auditors can reduce the chances of missing material information

General Accepted auditing standards (GAAS ) are set of standards that are to be followed by an auditor to conduct an audit These standards are framed by American Institute of Certified Public Accountants (AICPA . There are 10 standards under 3 sections defined in GAAS . The 3 sections are

p General standards

The auditor must be proficient to perform the audit and must be technically


Auditor must maintain independence in mental attitude in every matter that is related to audit

Auditor must give extreme care in performing the audit and preparation of the report

Standards of fieldwork

Auditor should properly plan the work and monitor the assistants if any

Audit must have proper understanding of the field he have to audit

Auditor should obtain sufficient audit evidences

Standards of reporting

The auditor must mention whether the GAAS rules are properly followed

The auditor must mention the circumstances under which GAAS rules are not met

When the auditor determines the disclosed information is not adequate the auditor must state it in the report

The report can have either expressions of opinion regarding the financial

statement , or an assertion to the effect that an opinion cannot be expressed

Generally accepted Government auditing standards (GAGAS auditing standards described in Government Auditing Standards issued by the Comptroller General of the United States , also known as the Yellow Book . These standards are first issued in 1972 as standards for Audit of governmental organizations , programs and activities and functions . The GAGAS standards are intended for the use by auditors of government entities audit organizations to ensure high quality work with competence , integrity , objectivity and independence in performing and reporting on government audits . They provides standards for audits of government organization , its programs and activities , monitors the governments the funds received by contractors , non-profit organizations and other organizations

These can be performed by any auditors at any level and are applicable to all types of internal and external audits Both the auditor and auditee are required to follow these standards when required by law , contract and policy agreement etc . These standards also describe the auditor 's professional qualification , quality of the audit and characteristics of audit report

GASAS includes all the 10 standards of the GAAS under the 3 sections apart from the additional standards defined in those sections . Additional standards in GAGAS under each section are listed below

1 ) General Standards


Professional proficiency

Knowledge of government programs (Continuing professional education )CPE requirements

Due Care

Quality control

2 ) Field Work

Supplemental standards

Planning or considerations of governments programs

Compliance testing

3 ) Reporting

Report distribution not restricted

Report on compliance and internal control

The standard Continuing professional Education (CPE ) in GAGAS in addition to GAAS establishes that in environment of accelerating changes and increasing audit...

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