It outlines ten (10) minimum standards that auditors should follow. These are grouped into three auditing standards, namely - general standards, fieldwork standards, and reporting standardsSelect one:a.Philippine Standard on Quality Control (PSQC)b.Generally Accepted Accounting Principles (GAAP)c.Generally Accepted Auditing Standards (GAAS)d.Philippine Standards on Auditing (PSA)
Question
It outlines ten (10) minimum standards that auditors should follow. These are grouped into three auditing standards, namely - general standards, fieldwork standards, and reporting standardsSelect one:a.Philippine Standard on Quality Control (PSQC)b.Generally Accepted Accounting Principles (GAAP)c.Generally Accepted Auditing Standards (GAAS)d.Philippine Standards on Auditing (PSA)
Solution
The ten minimum standards that auditors should follow are grouped into three auditing standards: general standards, fieldwork standards, and reporting standards. These standards provide guidelines for auditors to ensure the quality and accuracy of their work.
To answer the question, the correct option is c. Generally Accepted Auditing Standards (GAAS). GAAS is a set of standards that auditors in the United States must follow when conducting audits of financial statements. These standards are established by the American Institute of Certified Public Accountants (AICPA) and provide a framework for auditors to perform their work effectively and ethically.
Similar Questions
In the Philippine setting, the standards that are relevant in the conduct of the CPA profession are, exceptSelect one:a.Generally Accepted Auditing Standards (GAAS)b.Generally Accepted Accounting Principles (GAAP)c.Philippine Standards on Auditing (PSA)d.Philippine Standard on Quality Control (PSQC)
The following are the Fieldwork Standards, except:Select one:a.The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.b.The auditor must adequately plan the work and must properly supervise any assistants.c.The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.d.The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit
An independent auditor plans, conducts, and reports the results of an audit in accordance withSelect one:a.Philippine Accounting Standardsb.Generally Accepted Auditing Standardsc.Philippine Standards on Auditingd.Generally Accepted Accounting Standards
Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit.Select one:TrueFalse
A practitioner's report expressing an opinion on an entity's internal controls should state that the study and evaluation of the internal controls was conducted in accordance with Philippine Standards on Auditing (PSA).Select one:TrueFalse
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