Approved auditing standards prescribe:
A)The basic principles of the audit, with the essential procedures and guidance contained in Guidance statements.
B)The basic principles and general guidance, with essential procedures contained in Guidance statements.
C)The basic principles and essential procedures of the audit with general guidance contained in Guidance statements.
D)The basic principles and essential procedures of the audit together with related general guidance with guidance on procedural matters or on entity- or industry-specific issues contained in Guidance statements.

Question

Quizplus · Accepted Answer

The approved auditing standards prescribe the basic principles and essential procedures of the audit, along with related general guidance. These standards also provide guidance on procedural matters or entity- or industry-specific issues, which are contained in separate Guidance statements. Therefore, choice D is the best option as it includes all the necessary components of the approved auditing standards.

Approved Auditing Standards Prescribe