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    SW2 Auditing Theory

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    Ara Alcantara
    Standards are created to measure the quality of performance of individuals and organizations in the accounting profession. GAAS is declared by the Board of Accountancy to set the required quality level for CPAs performing financial statement audits. The Generally Accepted Auditing Standards consist of general standards, standards of fieldwork, and standards of reporting. Philippine Standards on Auditing deal with independent auditors' responsibilities when conducting an audit of financial statements. Quality controls are procedures adopted by CPAs to reasonably ensure compliance with professional standards in performing audit and related services.

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    SW2 Auditing Theory

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    Ara Alcantara
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    Standards are created to measure the quality of performance of individuals and organizations in the accounting profession. GAAS is declared by the Board of Accountancy to set the required quality level for CPAs performing financial statement audits. The Generally Accepted Auditing Standards consist of general standards, standards of fieldwork, and standards of reporting. Philippine Standards on Auditing deal with independent auditors' responsibilities when conducting an audit of financial statements. Quality controls are procedures adopted by CPAs to reasonably ensure compliance with professional standards in performing audit and related services.

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    Standards are created to measure the quality of performance of individuals and organizations in the accounting profession. GAAS is declared by the Board of Accountancy to set the required quality level for CPAs performing financial statement audits. The Generally Accepted Auditing Standards consist of general standards, standards of fieldwork, and standards of reporting. Philippine Standards on Auditing deal with independent auditors' responsibilities when conducting an audit of financial statements. Quality controls are procedures adopted by CPAs to reasonably ensure compliance with professional standards in performing audit and related services.

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    SW2 Auditing Theory

    Uploaded by

    Ara Alcantara
    Standards are created to measure the quality of performance of individuals and organizations in the accounting profession. GAAS is declared by the Board of Accountancy to set the required quality level for CPAs performing financial statement audits. The Generally Accepted Auditing Standards consist of general standards, standards of fieldwork, and standards of reporting. Philippine Standards on Auditing deal with independent auditors' responsibilities when conducting an audit of financial statements. Quality controls are procedures adopted by CPAs to reasonably ensure compliance with professional standards in performing audit and related services.

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    Joi Ann Dinglasan November 21, 2022

    BSA-III Auditing Theory

    SW #2

    1. Define Standards?

    Standards is created to measure the quality of performance of individual and


    organizations. This relating to the accounting professions concerns themselves with CPA’s
    professional qualities, judgement executed by the CPAs in line with their professional
    engagement and CPA firms’ quality control and procedures.

    2. What is GAAS?

    GAAS is declared by the Board of Accountancy to set as the required level of quality by
    the CPAs in performing financial statement audits.

    3. Enumerate the Generally Accepted Auditing Standards.

    General Standards

    Standards of Fieldwork

    Standards of reporting

    4. What is PSA?

    Philippine Standards on Auditing deals with independent auditors’ overall


    responsibilities when conducting an audit of financial statements.

    5. Define Quality Control?

    Quality controls are procedures and procedures adopted by CPAs to provide


    reasonable assurance confirming with professional standards in performing audit and related
    services.

    6. Enumerate and explain the elements of a system of a quality control.

    As stated at PSA 220, audit firm should implement policies and procedures designed
    to ensure that all audits are conducted in accordance with the PSA. These policies must have
    leadership responsibilities for quality on audits where it can be seen by emphasizing through
    actions and messages the importance of performing work that complies with professional
    standards. The second element is the ethical requirements, where the firm r must have ethical
    behavior such as integrity, objectivity, confidentiality, and professional behavior. The third
    element id independence where an auditor must provide relevant information to identify
    circumstances, document conclusions and take appropriate safeguards to eliminate such
    threat. Fourth is acceptance and continuance of client relationships. The firm must consider
    the integrity of the client, can comply the ethical requirements and competent to perform
    engagement and ha the capabilities time and resources to do so. Fifth one is human resource
    and assignment where the firm must establish policies to provide reasonable assurance that
    has sufficient personnel with capabilities, commitments, competence to ethical principles
    necessary to perform the engagement. Sixth is the engagement performance. It is performed
    in accordance with professional standards and other regulatory and the audit report must be
    issued appropriately in circumstances. Lastly, is the monitoring, where the continued
    adequacy and operational effectiveness of quality control must be monitored.

    7. What is quality control review?

    Quality control review process that is designed to provide an objective evaluation and
    certainty that quality parameters are deeply embedded into the accounting and auditing
    practice.

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