Question

In: Accounting

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

Solutions

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 2 years ago
Next > < Previous

Related Solutions

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
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?
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 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 Financial Accounting Standards Board is the primary source of generally accepted accounting principles (GAAP) for...
The Financial Accounting Standards Board is the primary source of generally accepted accounting principles (GAAP) for all health care organizations. Do you agree with this statement? Why or why not?
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.
What parts of Generally Accepted Accounting Principles, are not generally accepted?
What parts of Generally Accepted Accounting Principles, are not generally accepted?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT