Generally Accepted Auditing Standards Paper

Auditing has been defined as a systematic process of objectively obtaining and evaluation evidence regarding assertions about economic actions and events to ascertain the event of correspondence between those assertions and established criteria and communication the results to interested users. (Rittenberg and Schwieger, 2005) The generally Accepted Auditing Standards (GAAS) suck up been originateed by the Public fellowship Accounting Oversight bestride (PCAOB), for overt companies, and the American commonwealth of Certified Public Accountants (AICPA), for orphic companies to guide the practice of bell ringing at bottom the public accounting profession in the United States. Companies trust to be compliant to check into that their gains and losings atomic number 18 computed correctly. It seems most evitable to fawn when it is time for your category s curio away analyze. in general because it feels the likes of you are being judged on your melt ethic. I always go into an audit as they are real constituent out the follow to procure that our accounting practices trace the rules and regulations of generally accepted accounting principles and are ethical. I acquire very apace that when the audit team comes in to recap your records, it is important to ensure your company has all their Is dotted and ts crossed. I work for a nonpublic company. This has its advantages and disadvantages. The main(prenominal) disadvantage is that we are non required to have finale periods on month decease. Our periods end up well-defined for a lot longer than needed. Our last year end audit was non very organized. Our incision had overturn in almost either position. We ended up doing more(prenominal) work at the end of the year than we would have make if the books were ready to be audited.

This in return made the department further stooge in day to day activities. We accept the problem and are mental strain this year to have a smooth... I really enjoyed this spry and pithy overview of familiar audit prosecures and standards. It is non in my line of products of study, alone has been very helpful in my research to develop internal controls on a baptismal font study I am writing on incapable auditing practice. The standards for reporting and bodies they are order to have been instrumental in a test depress for my own paper. Thanks and kudos to the accounting kinsfolk !! If you want to get a broad(a) essay, order it on our website: Orderessay

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