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Auditing is a systematic examination of the books and records of a business or the organization in order to ascertain or verify and to report upon the facts regarding the financial operation and the result thereof.” - Montgomery (Leading American Accountant).Generally Accepted Auditing Standards (GAAS) The auditor does auditing on the basis of certain laws, standards, principles, guide notes etc.Standards and principles on the basis of which the auditor conducts the audit work and gives report are called GAAS GAAS: The auditor is supposed and required to follow the following standards (GAAS) while conducting the audit work and reporting the valuable findings:.General Standards: Independence: The auditor must be totally independent of the organization of which the auditing work is done.Due Care: The auditor should exercise due care while performing his/her duty as auditor. 2.Field Work Standards: Planning & Supervision: ______ must plan the audit work properly & supervise during the conduct of audit work.Internal Control: The nature, scope and depth of audit work depends upon the efficiency and efficacy of internal control of the organization.The auditor must evaluate the internal control system properly.Evidences: Evidences are the grounds on which the audit stands.The auditor should collect, examine and evaluate the audit evidences properly.Reporting Standards: Financial Statements: ______ has to certify whether the financial statement has been prepared using GAAP.
Auditing is a systematic examination of the books and records of a business or the organization in order to ascertain or verify and to report upon the facts regarding the financial operation and the result thereof.” - Montgomery (Leading American Accountant).Generally Accepted Auditing Standards (GAAS) The auditor does auditing on the basis of certain laws, standards, principles, guide notes etc.Standards and principles on the basis of which the auditor conducts the audit work and gives report are called GAAS GAAS: The auditor is supposed and required to follow the following standards (GAAS) while conducting the audit work and reporting the valuable findings:.General Standards: Independence: The auditor must be totally independent of the organization of which the auditing work is done.Due Care: The auditor should exercise due care while performing his/her duty as auditor. 2.Field Work Standards: Planning & Supervision: ______ must plan the audit work properly & supervise during the conduct of audit work.Internal Control: The nature, scope and depth of audit work depends upon the efficiency and efficacy of internal control of the organization.The auditor must evaluate the internal control system properly.Evidences: Evidences are the grounds on which the audit stands.The auditor should collect, examine and evaluate the audit evidences properly.Reporting Standards: Financial Statements: ______ has to certify whether the financial statement has been prepared using GAAP.
Auditor
The auditor must be totally ______ of the organization of which the auditing work is done.
The auditor must be totally ______ of the organization of which the auditing work is done.
independent
The auditor should exercise due ______ while performing his/her duty as auditor.
The auditor should exercise due ______ while performing his/her duty as auditor.
care
Auditor must plan the audit work properly & ______ during the conduct of audit work.
Auditor must plan the audit work properly & ______ during the conduct of audit work.
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The nature, scope and depth of audit work depends upon the efficiency and efficacy of internal ______ of the organization.
The nature, scope and depth of audit work depends upon the efficiency and efficacy of internal ______ of the organization.
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Evidences are the grounds on which the audit ______.
Evidences are the grounds on which the audit ______.
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Auditor has to certify whether the financial statement has been prepared using ______.
Auditor has to certify whether the financial statement has been prepared using ______.
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Auditing is a ______ examination of the books and records of a business or the organization.
Auditing is a ______ examination of the books and records of a business or the organization.
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The auditor does auditing on the basis of certain laws, standards, principles, guide ______ etc.
The auditor does auditing on the basis of certain laws, standards, principles, guide ______ etc.
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The auditor is supposed and required to follow the following standards (GAAS) while conducting the audit work and reporting the valuable ______.
The auditor is supposed and required to follow the following standards (GAAS) while conducting the audit work and reporting the valuable ______.
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