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Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing...

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General Management

Auditors must be concerned with both generally accepted auditingstandards and generally accepted accounting principles inperforming an audit.

  1. Compare generally accepted auditing standards with generallyaccepted accounting principles.
  2. Summarize two of the three generally accepted auditingstandards known as the general standards.

.

Note: The answer must be 400 to 500 words please

Answer & Explanation Solved by verified expert
3.9 Ratings (498 Votes)
a Definition GAAS are a set of guidelines for auditors to use when conducting audits on the financial records of a company GAAP are a set of accounting principles procedures and standards issued by the independent agency Financial Accounting Standards Board FASB Purpose GAAP are used by all the companys accountants to maintain the accounting system and to report a companys everyday financial dealing accurately and correctly so as to minimise the occurence of fraud GAAS are the standards that the prepared financial statements are checked against for accuracy completeness and compliance with the existing    See Answer
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