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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

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Expert Solution

1 )Generally accepted auditing standards is more of a framework while Generally accepted accounting principles tries to have standards.

2 ) Generally accepted auditing standards are not the specific but the general guidelines which are drafted in order to enable the auditors to fulfill and meet their professional responsibilities in the course of the audit of the historical financial statements for a transparent and unbiased audit

Generally accepted accounting principles are the guidelines followed by the management of the organization or the entity for the purpose of preparing the historical financial statements according to the standard.

3 ) These auditing standards are established by the Auditing standards Board of the American Institute of Certified Public Accountants for the purpose of the private companies and by the Public Company Accounting Oversight Board for the purpose of the public companies.

The Generally accepted accounting principles are established by the Financial Accounting Standards Board

ekkarill92 answered 1 year ago
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