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Auditing Standards and Requirements

- Describe the elements of the Generally Accepted Auditing Standards (GAAS).
- Describe 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.
- Discuss the additional requirements that are placed on auditors from this act and the actions of the PCAOB.

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Describe the elements of the Generally Accepted Auditing Standards (GAAS).

GAAS are categorized into three areas, which include general standards, standards of field work, and standards of reporting. In each of the three areas, the guidelines are established to basically demand that auditors follow the highest of standards. Each element includes procedures - how various acts are to be carried out, which lays the foundation for the auditor's work on every audit.

Describe how these standards apply ...

Solution Summary

- Describe the elements of the Generally Accepted Auditing Standards (GAAS).
- Describe 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.
- Discuss the additional requirements that are placed on auditors from this act and the actions of the PCAOB.

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