10 generally accepted auditing standards

When the auditor refers to the standards of the PCAOB in addition to GAAS in the auditor’s report, the auditor should use the form of report required by the standards of the PCAOB, amended to state that the audit was also conducted in accordance with GAAS.

ASB is looking to see if going concern period should be limited to 12 months or should extend more than 12 months (Linberg & Seifert, 2011). ISA’s going concern period is at least one year but not limited only to one year.

PCAOB defines going concern period as one year from the date of fiscal year being audited. What is the difference between PCAOB and ISA? The GAAP hierarchy identifies the sources of accounting principles and the framework for selecting principles to be used in preparing financial statements. The PCAOB also removed the hierarchy of GAAP from its auditing standards. GAAS helps to ensure the accuracy, consistency, and verifiability of auditors’ actions and reports.

Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies’ financial records. Results of auditing procedures that indicate a need for significant modification of planned auditing procedures, the existence of material misstatements (including omissions in the financial statements), the existence of significant deficiencies, or material weaknesses in internal control over financial reporting. What does Category 3 of the PCAOB auditing standards related to?

10 generally accepted auditing standards