Explain generally accepted auditing standards (GAAS) and its purpose.

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Answer 1

Question

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

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Answer 2

Question

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

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Answer 3

Question

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

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Answer 4

Question

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

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Answer 5

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

Answer 6

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.

Answer 7

Chapter 2, Problem 1RC

To determine

Explain generally accepted auditing standards (GAAS) and its purpose.

Answer 8

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards (GAAS): Generally Accepted Auditing Standards (GAAS) states about the necessary characteristics and qualifications of an auditor and provide guidance to the auditors for audit examination. These standards are issued by AICPA and PCAOB.

The purposes of GAAS are as follows:

Identification of material misstatement: The auditor must reasonably assure that the financial statements are free from the fraud misstatement and error misstatement.
Issuance of an audit report: The auditor preparesand presentsthe audit report with the help of GAAS by verifying and authenticating the financial transactions of the business. They also provide guidance to prepare a good audit report.