generally accepted auditing standards profesor juan m. garcía merced

GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

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GENERALLY ACCEPTED AUDITING STANDARDS

Profesor Juan M. García Merced

General Standards

Adequate training and proficiency

Independence

Due professional care

Page 3: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

Field Work Standards

Adequate planning and supervision

Understand the client’s internal control

Sufficient competent evidence

Page 4: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

Reporting Standards

Indicate whether the financial statements are prepared based on generally accepted accounting principles

Identify deviations regarding consistency

Report instances of inadequate disclosures

Issue an opinion

Page 5: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

STATEMENTS ON AUDITING STANDARDS (“SAS”)

• Specific guidance on auditing standards• Interpret the Generally Accepted

Auditing Standards• Most authoritative references• Minimum standards of performance

rather than maximum standards or ideals

Page 6: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

QUALITY CONTROL SYSTEM

Methods used to ensure that the firm meets its professional responsibilities to clients and others.

Are established for the firm depending on such things as the size, # of offices, type of clients, services.

Page 7: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

QUALITY CONTROL SYSTEM ELEMENTS

1. Independence, integrity, and objectivity

2. Personnel management– Personnel qualified– Work assigned to who have adequate

training– Personnel should participate in

professional education– Personnel selected for advancement have

the qualifications

Page 8: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

QUALITY CONTROL SYSTEM ELEMENTS

3. Acceptance and continuance of clients

4. Engagement performance standards

5. Monitoring test compliance

Page 9: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

PEER REVIEWS

Review, by CPA’s, of a firm’s compliance with its quality control system.

Members of the AICPA are required to have a peer review every three (3) years

Others - voluntary

Page 10: GENERALLY ACCEPTED AUDITING STANDARDS Profesor Juan M. García Merced

Public Company Accounting Oversight Board

Established in 2002

Functions:– Register public accounting firms of

reporting companies– Establish or adopt auditing, quality control,

ethics, independence, and other standards– Conduct inspections of registered public

accounting firms– Perform other duties to promote standards

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