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Audit: PCAOB general standards, are they adequate?

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â?¢ Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "general standards" are adequate for today's business environment.

â?¢ Based on the Auditing Standards presented by the PCAOB, discuss whether or not you believe the "standards of field work" are adequate for today's business environment.

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Solution Summary

Your tutorial is 232 plus a references and listing of the six standards discussed.

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General standards and standards of fieldwork are:

AU Section 150
Generally Accepted Auditing Standards
(.02 - .04) Auditing Standards
.02
The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows:

General Standards

1. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.
2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
3. Due professional care is to be exercised in the performance of the audit and the preparation of the report.

Standards of Field Work

1. The work is to be ...

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Carol Sargent, PhD
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  • MSc, University of Virginia
  • PhD, Georgia State University
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