Auditing Standards

Auditing Standards

Guidelines for how audits should be conducted. The most commonly accepted auditing standards are the GAAS, which are set by the American Institute of Certified Public Accountants and provide a uniform set of standards for conducting audits in the United States.
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The proposed statement on auditing standards would, if approved, replace SAS No.
To better serve both members and the public, the Institute made available on its Web site free of charge the standards and interpretations promulgated by the Auditing Standards Board (ASB).
The Government Auditing Standards requires a peer review to be completed--meaning a peer review report has been issued--within three years from the date a firm begins its first audit under generally accepted government auditing standards.
* Recent pronouncements by the Auditing Standards Board have expanded the communications between independent auditors and the audit committee related to fraud, uncorrected audit adjustments and the quality of accounting principles used by management.
In particular, board members heard progress reports on development of an update to the AICPA study of the Social Security system released several years ago, work regarding fiscal year-end conformity (i.e., workload compression) and alternative tax structure proposals by the Administration, the Auditing Standards Board's strategy to converge U.S.
Although stripped of its power to set the standards for publicly held companies, the AICPA's Auditing Standards Board has submitted recommendations for auditing standards to the PCAOB.
RESOLVED: That with respect to standards relating to the preparation and issuance of audit reports not included within the resolution on the Public Company Accounting Oversight Board, the AICPA auditing standards board is hereby designated as the body authorized under rules 201 and 202 to promulgate auditing, attestation, and quality control standards and procedures.
While the AICPA still plans to publish guidance and interpretations of auditing standards for its members, "...
the Securities and Exchange Commission approved the Public Company Accounting Oversight Board's decision to adopt the AICPA's auditing standards as the PCAOB's interim auditing standards.
The auditing standards board (ASB) issued two interpretations of Statement on Auditing Standards (SAS) no.
In looking at the development of auditing standards in this century, we find the most significant advances have been forced on us by criminal circumstances.