![]() (4)Ěudit objectives generally determined on audit engagements.Ĭ. (3) Procedures to be used to gather evidence to support financial statements. (2) Measures of the quality of the auditor's performance. Which of the following best describes what is meant by generally accepted auditing standards? (4) knowledge in the areas of financial accounting.ī. (3) proficiency in business and financial matters. (2) ability in the planning and supervision of the audit work. (1) education and experience in the field of auditing. The first general standard, which states in part that the audit must be performed by a person or persons having adequate technical training, requires that an auditor have The following questions deal with generally accepted auditing standards. Evaluate this criticism of the 10 generally accepted auditing standards.ģ. ![]() As the standards are now stated, some critics believe that they provide little more than an excuse to conduct inadequate audits. The critics believe the standards should be more specific to enable practitioners to improve the quality of their performance. Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. Who is responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain.Ģ. This content was COPIED from - View the original, and get the already-completed solution here!ġ. Not what you're looking for? Search our solutions OR ask your own Custom question.
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