Summary of GAAS

Generally Accepted Auditing Standards
General

1. Training and proficiency is a must
2. Independence in mental attitude
3. Due professional care

Field Work

1. Proper Planning & Supervision
2. Internal control & Entity understanding
3. Sufficient appropriate evidence

Reporting

1. Statements prepared in accordance with GAAP
2. Circumstances when GAAP is NOT followed
3. Adequacy of disclosures
4. Expression of opinion on financial statements