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Chapter 2

Chapter 2 - Audit, Assurance, and Quality Control Standards.docx

8 Pages

Course Code
ACCT 3280

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Chapter 2Audit Assurance and Quality Control Standards Practice StandardsGeneral guidelines for the quality of professional work4 sets of standards Generally Accepted Auditing Standards GAAS Assurance Standards CICAs generally standards of quality control and quality control standardsGenerally Accepted Auditing Standards GAASCICAs first generally accepted auditing standards were first written as short statement of 8 standardsSection 5100 was largely replaced by CAS 200 5100 5021 5090 and 5095 and professional ethical requirements of the relevant professional accounting organizations were addedChanges are in line with convergence to international standardsCAS 200 entitled overall objective of the independent Auditor and the conduct of the audit in accordance with Canadian auditing standardsCAS 200 establishes auditors overall responsibilities when conducting an audit in accordance with CAS standardsLists the objectives of the audit and series of principles and concepts fundamental to financial statement auditingImportance of GAAS is that they identify the objectives and key principles of the financial statement auditIdentifies the subject and objectives of the standard provides new definitions wherever applicable states the requirements for meeting the objective and provides further explanation for carrying out those requirementsAuditing standards literature also includes a series of Canadian Audit practice statements CAPSs or audit guidelines AuGsAuditing standardsaudit quality recommendations that remain the same over time and for all auditsAuditing procedures include the particular and specialized actions auditors take to obtain evidence in a specific audit engagementProcedures may vary depending on the complexity of an accounting systemConsiderable judgment is required to apply audit procedures in specific situationsGAAS objectives of the audit of financial statementsObjective of a financial statement audit is to enable the auditor to express an opinion as to whether the financial statements are prepared in all material respects in conformity with an applicable frameworkImplies three party accountability
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