Essays on GAAS

International Auditing Standards

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In the United States, the International Auditing and Assurance Standards Board (IAASB) works as an independent body, setting standards for auditing under the International Federation of Accountants (IFAC). The IAASB establishes the best quality auditing, quality control, assurance, and related services in order to ensure uniformity of practice by professionals all across the world. Until 2002, the IAASB was formerly known as the International Auditing Practices Committee or IAPC. With such high standards in place for auditing and assurance, public confidence is therefore ...

International Auditing Standards

<Put your name here> <Put the name of your school / university here>

(IAASB) International Auditing and Assurance Standards Board works like an independent standard setting body under the (IFAC) International Federation of Accountants. It works to establish best quality auditing, assurance, quality control and related services and to improve the uniformity of practice, by professionals across the world, thereby improving confidence in publicc. The IAASB, till 2002, was known as the International Auditing Practices Committee (IAPC). (SASs) Statements on Auditing Standards are issued by the Auditing Standards Board (ASB), the senior technical body of ...

Why is it important for external auditors to be independent? Relate your answer to the primary role of external auditors. Give examples of specific ways the lack of auditor independence may impact adversely on an audit.

Introduction:

Generally Accepted Auditing Standards /GAAS (Business Accent, 2009) define Audit as; “Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users”. Basically there are two types of auditing, external audit and internal audit. The focus ...