Ten GAAS are grouped into general, fieldwork, and

reporting standards.
General Standards:
1. The examination is to be performed by persons or
person having adequate technical training and proficiency
as an auditor.
2. In all matter relating to the engagement, an
independence in mental attitude is to be maintained by the
auditor.
3. Due professional care is to be exercised in the
performance of the audit and in preparation of the report.
Standards of Fieldwork
4. The work is to adequately planned and assistants, if
any, are to be properly supervised.
5. There is to be a proper study and evaluation of existing
internal control as a basis for reliance thereon and for the
determination of the resultant extent of the tests to which
auditing procedures are to be restricted.
6. Sufficient competent evidential matter is to obtained
through inspection, observation, inquiries and
confirmations to afford a reasonable basis for an opinion
regarding the financial statements under examination.
Standards of Reporting
7. The report shall state whether the financial statements
are presented in accordance with generally accepted
accounting principles.
8. The report shall identify those circumstances in which
principles have not been consistently observed in the
current period in relation to the preceding period.
9. Informative disclosures are to be regarded as
reasonably adequate unless otherwise stated in the report.
10. 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
expressed. When an overall opinion cannot be expressed,
the reasons therefore should be stated. In all cases, where
an auditor’s name is associated with the financial
statements, the report should contain a clear-cut indication
of the character of the auditor’s examination if any and the
degree of responsibility he is taking.
 OATH OF A CERTIFIED PUBLIC ACCOUNTANT
As a Certified Public Accountant, I shall comply with the
following principles of my profession:
I. INTEGRITY I shall be straightforward and honest in
all my professional and business relationships.
II. OBJECTIVITY I shall not allow bias, conflict of
interest or undue influence of others to override my
professional or business judgment.
III. PROFESSIONAL COMPETENCE AND DUE
CARE I shall maintain professional knowledge and
skill at the level required to ensure that my client or
employer receive competent professional services
based on current developments in practice,
legislation and techniques; and I shall act diligently
and in accordance with applicable technical and
professional standards.
IV. CONFIDENTIALITY I shall respect the
confidentiality of information acquired as a result of
my professional and business relationship. I shall
not disclose any such information to third parties
without proper and specific authority, unless there
is a legal or professional right or duty to disclose;
and I shall not use information for my personal
advantage or those of third parties.
V. PROFESSIONAL BEHAVIOUR I shall actively
lead, participate and promote the programs and
activities of my professional organization;
I shall comply with relevant laws and regulations;
and …
I shall avoid any action that will discredits the
profession of accountancy in the Philippines.
I IMPOSE THIS OBLIGATION UPON MYSELF
VOLUNTARILY WITHOUT MENTAL
RESERVATION OR PURPOSE OF EVASION.
SO HELP ME GOD.