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    The document discusses audit standards and their purpose. It explains that audit standards provide guidance to auditors and help ensure financial results are clearly communicated. The standards address auditor qualifications, independence, professional care, planning, evidence, and reporting. They aim to provide public assurance that audits are conducted professionally to prevent misstatements.

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    this document is regarding auditing standards in audit sytem module

    Original Title

    Auditing Standards (1)

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    The document discusses audit standards and their purpose. It explains that audit standards provide guidance to auditors and help ensure financial results are clearly communicated. The standards address auditor qualifications, independence, professional care, planning, evidence, and reporting. They aim to provide public assurance that audits are conducted professionally to prevent misstatements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 views11 pages

    Auditing Standards

    Uploaded by

    Puneet
    The document discusses audit standards and their purpose. It explains that audit standards provide guidance to auditors and help ensure financial results are clearly communicated. The standards address auditor qualifications, independence, professional care, planning, evidence, and reporting. They aim to provide public assurance that audits are conducted professionally to prevent misstatements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 11

    METSYS

    LORTNOC
    TIDUA
    AUDITING
    STANDARDS
    BY: AISYAMARIAM
    METSYS
    EXPECTATIONS
    AND OUTCOMES

    LORTNOC
    TIDUA
    01
    EXPLAIN THE PURPOSE OF AUDIT STANDARDS

    02
    EVALUATE THE STANDARDS BASED ON AUDIT
    SETTINGS AND PRINCIPLES
    METSYS
    PURPOSE OF

    LORTNOC
    AUDITING

    TIDUA
    STANDARDS
    TO PROVIDE ASSURANCE TO THE PUBLIC THAT AUDITS

    ARE CONDUCTED IN A PROFESSIONAL MANNER WHICH

    ANY MISSTATEMENTS ARE PREVENTED AND THE

    FINANCIAL RESULTS ARE CLEARLY COMMUNICATED


    METSYSS
    GAAS : GENERAL
    ACCEPTED AUDITING

    LORTNOC
    STANDARDS

    TIDUA
    GENERAL STANDARDS TO PROVIDE GUIDANCE
    IN HIRING AND TRAINING OF AUDITORS

    FIELDWORK STANDARDS HELP AUDITORS


    PLAN AND PERFORM THE AUDIT

    REPORTING STANDARDS HELP ENSURE CLEAR


    COMMUNICATION BETWEEN AUDITOR AND
    STATEMENT USERS
    LOOHCS
    GENERAL

    YRADNOCES
    STANDARDS

    DAEMDLO
    THE EXAMINATION IS TO BE PERFORMED BY
    A PERSON OR PERSONS HAVING ADEQUATE
    TECHNICAL TRAINING AND PROFICIENCY AS
    AN AUDITOR

    THE AUDITOR MUST MAINTAIN AN


    INDEPENDENT MENTAL ATTITUDE

    DUE PROFESSIONAL CARE IS TO BE

    CLASS
    EXERCISED IN THE PERFORMANCE OF THE
    EXAMINATION AND PREPARATION OF THE

    SCIENCE
    REPORT
    METSYS
    FIELDWORK

    LORTNOC
    STANDARDS

    TIDUA
    Adequately planned and assistants, if any, properly
    supervised

    A sufficient understanding of the entity and its environment,


    including its internal control, is to be obtained to assess the
    risk of material misstatement of the financial statements

    Sufficient competent audit evidence is to be obtained


    through audit procedures performed to provide a
    reasonable basis for an opinion
    METSYS
    REPORTING

    LORTNOC
    STANDARDS

    TIDUAA
    01
    audit report shall state whether statements are fairly presented in
    accordance with Generally Accepted Accounting Principles

    02
    identify those circumstances in which accounting principles have not
    been applied on a consistent basis with the preceding period
    MERSYS
    FUNDAMENTAL PRINCIPLES OF IAASB

    LORTNOC
    Objective of an audit of financial statements
    Comply with relevant ethical requirements

    TIDUA
    relating to the audit engagement
    Audit should be conducted in accordance with
    International Standards on Auditing
    Auditor should plan and perform an audit with
    an attitude of professional skepticism
    Reasonable assurance provided
    Audit risk and materiality
    ASSURANCE STANDARDS

    METSYS
    LORTNOC
    TIDUA
    REASONABLE LIMITED
    Engagements in which a practitioner less work that may be appropriately
    expresses a conclusion designed to understood by all three parties.
    enhance the degree of confidence of Limited assurance engagements
    the intended users other than the normally result in “negative
    responsible party about the outcome assurance” and check to see if
    of the evaluation or measurement of anything comes to their attention
    a subject matter against criteria indicating a problem
    METSYS
    ATTESTATION

    LORTNOC
    STANDARDS
    FINANCIAL STATEMENT AUDITS ARE ONLY A SMALL

    TIDUA
    PART OF THE DEMAND FOR ASSURANCE SERVICES

    ATTESTATION STANDARDS HAVE BEEN DEVELOPED TO


    ENSURE QUALITY FOR A BROADER ARRAY OF
    SERVICES BEYOND FINANCIAL STATEMENT AUDITS

    SUCH SERVICES INCLUDE ATTESTING TO FINANCIAL


    FORECASTS AND PROJECTIONS, PRO FORMA
    FINANCIAL INFORMATION, INTERNAL CONTROLS,
    COMPLIANCE WITH CONTRACTS OR REGULATORY
    REQUIREMENTS, AND AGREED-UPON PROCEDURES

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