Generally Accepted Auditing Standards Are

question 21

Multiple Choice

Generally accepted auditing standards are

• A)Specific actions performed by auditors during an examination.
• B)Standards that guide the conduct of an audit examination.
• C)Legal requirements auditors must observe during the audits of public entities.
• D)Standards used by entities in deciding whether to engage or retain the services of auditors.

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Definitions:

Evidential Matter

Evidential matter comprises all the documents, confirmations, and information gathered by auditors to substantiate their opinion on the financial statements' fairness.

Analysis Overview

A summary or brief outline that highlights the key points and findings of a detailed analysis.

Industry Standards

Established norms and guidelines that practitioners and firms within an industry follow to ensure quality, safety, and efficiency.

Financial Statement Analysis

The process of reviewing and analyzing a company's financial statements to make better economic decisions.