Understanding the internal control structureĪ sufficient understanding of internal control is to be obtained to plan an effective and efficient audit. The work is to be adequately planned, and assistants, if any, are to be properly supervised. The fieldwork standards are so named because they pertain primarily to the conduct of the audit at the client’s place of business in the field. The standard of due care requires the auditor to act in good faith and not to be negligent in an audit. The auditor must be diligent and careful in performing an audit and issuing a report on the findings.
#10 GENERALLY ACCEPTED AUDITING STANDARDS PROFESSIONAL#
The auditor must also meet the independence requirements of the AICPA’s professional conduct. The auditor must be free of client influence in performing the audit and reporting the findings. Continuous professional education during the auditor’s professional career.Practical training and experience in auditing, and.Formal university education for entry into the profession,.Three factors determine the competency of the auditor: In every profession, there is a premium on technical competence.
Adequate technical training and proficiency The general standards relate to the qualifications of the auditor and the quality of the auditor’s work. Financial statements presented in accordance with GAAP Obtaining sufficient competent evidential matter Understanding the internal control structure
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