In: Finance
Access the website www.pcaobus.org and provide a brief summary of the pronouncements in the following sections:
(a) Auditing Standards
(b) Ethics and Independence
(c) Quality Control
(d) Attestation
(A) Auditing Standards :- Auditing Standards are the standards which are made for the purposes of auditing. Auditing is done with the help of auditing standards If the audit is done by the proper compliance of these standards then it gives a true and fair view. Auditing standards are a set of standards which help to maintain a quality control in the financial statements of the entity Auditing standards are also known as GAAP that is generally accepted auditing standards. With the hellp of these standards the audit is to be performed and also to be judged.
(B) Ethics and independence :- As we all know audit is an independent examination of financial statements of an entity which are conducted to know wheather the financial statements are providing tru and fair view . So now here independence means the auditor, the person who analysis or checking the financial statements is independent He is not work under the contol of the owner He does the work of audit in an unbaised manner. And here ethics is found that a trust placed in its objective assurance about risk management control and governance. There is a proper code of Ethics A auditor is having proper integrity and honesty.
(C) Quality Control :- Quality Control is a process with the help of which a company can review its quality of financial statements There are various standards on quality control with the help of which quality of the financial statements can be assessed SQC(1-99) The standards from 1 to 99 is set for the checking of quality control Also the ISO 9000 also define Quality Control as it is a part of quality management Which focused on quality requirrments.
(D) Attestation :- Attestation means that the evidences are true .It shows the reliability of data and evidences. It tells that the evidence which shows anything is true. Example of attestation is a written Representation letter and also a letter of Recomendation. Attestation can also be defined as a prove of anything that is represented or shown by the evidence. In one word we can defined attestation as verified