Auditing standards are considered to be
A) Specialized to obtain evidence to render an opinion.
B) Guides for the quality of audits that apply to all audits.
C) Standards for preparation of financial statements.
D) Standards to govern the quality of a specific firm's audit practice.

Question

Quizplus · Accepted Answer

Auditing standards, such as the Generally Accepted Auditing Standards (GAAS) in the US or the International Standards on Auditing (ISA) globally, are guidelines for the quality of an audit that apply to all audit engagements regardless of the specific firm conducting the audit. They provide a framework for auditors to obtain sufficient and appropriate evidence to render an opinion on the financial statements. Auditing standards do not govern the preparation of financial statements nor are they specific to a particular firm's audit practice.

Auditing Standards Are Considered to Be