Question

In: Accounting

Discuss the similarities and the variances between Generally Accepted Auditing standards and Attestation Standards?

  • Discuss the similarities and the variances between Generally Accepted Auditing standards and Attestation Standards?

Solutions

Expert Solution

There will be three different groups of attestation standards which are needed by both GAAS (Generally Accepted Auditing Standards) and also required by the Statements on Standards for Attestation Engagements. The first group of each includes the general standards GAAS includes the independence, training, and due professional care. All of them will be considered under SSAE, however should depict knowledge and proper measurement criteria of subject matter. In second group of standards there will be fieldwork. GAAS includes internal controls, planning, and evidence. Under SSAE, the internal control will not be a requirement. The third and the last standard include reporting. Under GAAP, the standard wants the reporting to be consistent, inclusive of the disclosures, and issuance of the opinions. Under SSAE, an auditor is required to identify the Nature of the engagement, reach a conclusion, state all reservations that may be included, and state the Limited use of the reports. An auditor under SSAE must identify the nature of the engagement, state all reservations are considered and included, reaching to the conclusion, and describe the Limited use of the reports

The principal variances between Generally Accepted Auditing standards (GAAS) and Attestation Standards are that the attestation standards give a framework for the function of attest beyond the historical financial statements. Secondly, the attestation standards will accommodate the increasing number of attest services wherein the practitioner would expresses the assurance below the level which is an expression for the traditional approach in audit (i.e. an opinion).


Related Solutions

Thoroughly describe and distinguish between generally accepted auditing standards and generally accepted accounting principals
Thoroughly describe and distinguish between generally accepted auditing standards and generally accepted accounting principals
List and describe the ten generally accepted auditing standards?
List and describe the ten generally accepted auditing standards?
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in...
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit. Compare generally accepted auditing standards with generally accepted accounting principles. Summarize two of the three generally accepted auditing standards known as the general standards. . Note: The answer must be 400 to 500 words please
The Generally Accepted Auditing Standards (GAAS) provide the template for an AUDIT. Discuss the major components...
The Generally Accepted Auditing Standards (GAAS) provide the template for an AUDIT. Discuss the major components of each section of the standards and how they provide the auditor with the necessary steps to ensure there is minimal audit risk.
the phrase " auditing standards generally accepted in the United states of americe" can be found...
the phrase " auditing standards generally accepted in the United states of americe" can be found in the opinion paragraph of a standard, unqualified audit report for a public company. a.false b.true
There are 10 generally accepted auditing standards divided in three categories.List by category each of these...
There are 10 generally accepted auditing standards divided in three categories.List by category each of these 10 standards
The auditors’ responsibility for reporting violations of laws and regulations under Generally Accepted Government Auditing Standards...
The auditors’ responsibility for reporting violations of laws and regulations under Generally Accepted Government Auditing Standards differs from their responsibility under generally accepted auditing standards. Compare these responsibilities.
The auditors’ responsibility for reporting violations of laws and regulations under Generally Accepted Government Auditing Standards...
The auditors’ responsibility for reporting violations of laws and regulations under Generally Accepted Government Auditing Standards differs from their responsibility under generally accepted auditing standards. Compare these responsibilities.
Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column...
Complete problem below and submit to your instructor. Write under the generally accepted auditing standards column the specific standard that was violated and how the action of Jones resulted in a failure to comply with each standard. Organize your answer as shown below; specifically with a column for the standard that was violated and a column for the required action. The paper should be 2-3 pages. Problem: John Clinton, owner of Clinton Company, applied for a bank loan and was...
List and discuss the four categories of professional engagements identified by the Generally Accepted Government Auditing...
List and discuss the four categories of professional engagements identified by the Generally Accepted Government Auditing Standards.   List and describe the four types of audit opinions which may be expressed on government financial statements:
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT