Generally Accepted Auditing Standards Paper

Topics: Auditing, Internal control, Audit Pages: 3 (887 words) Published: July 27, 2008
Generally Accepted Auditing Standards Paper
Prepare a 700-1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: a. Describe the elements of the Generally Accepted Auditing Standards (GAAS). b. Describe how these standards apply to financial, operational, and compliance audits. c. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. d. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB.

Answer:

The purpose of this paper is to explain the nature and functions of auditing, relate them to the audit functions in Enardo, Inc., describe the elements of the Generally Accepted Auditing Standards (GAAS) and how these standards apply to financial, operational, and compliance audits, explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB) will have on audits of publicly traded companies, and discuss the additional requirements that are placed on auditors from this Act as well as the actions of the PCAOB.

Auditing is the process by which economic events and processes are evaluated and verified as true and correct. The auditing process consists of gathering, evaluating, and reporting. The auditor gathers information about the entities processes, economic transactions and procedures in an unbiased manner. The information is then evaluated to ensure that it follows GAAP or any other standards that apply. The auditor then compiles a report of their findings to be submitted to the appropriate parties. These processes are critical to the accurate verification and assurance provided by the auditing professional. The auditing of an entity is valuable...
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