Identify the Specific Generally Accepted Auditing Standard for Each One

question 71

Essay

Identify the specific generally accepted auditing standard for each one of the following descriptions.
1.The report shall either contain an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed.
2.In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
3.Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit.
4.Due professional care is to be exercised in the performance of the audit and the preparation of the report.
5.The work is to be adequately planned, and assistants, if any, are to be properly supervised.
6.The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
7.The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.
8.Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.
9.A sufficient understanding of the internal control structure is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.
10.The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.

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Definitions:

Video Conference

A technology that allows users in different locations to hold face-to-face meetings without having to move to a single location.

Audio Conference

A virtual meeting in which participants connect and communicate via an audio-only platform, typically through telephone or computer.

Live Images

Real-time visuals or photographs captured and displayed at the moment they are taken, without any significant delay.

Proprietary Format

A file or data format that is owned by a company or individual and has restrictions on its use without permission.