The Auditing Standards Board of the AICPA has undertaken a Clarity and Convergence Project whose aim is to make GAAS easier to read, apply and converge with International Audit Standards. As a result the GAAS will become "Auditing Principles". The principles will be consistent with the three categories of GAAS. Accordingly, which of the following is true?
I The General Standards will be termed Responsibilities Principles.
II. The Fieldwork Standards will be termed Performance Principles.
III. The Reporting Standards will be termed Communication Principles.

Question

Quizplus · Accepted Answer

The General Standards will be termed Responsibilities Principles, and the Fieldwork Standards will be termed Performance Principles. However, the Reporting Standards will be termed Reporting Principles, not Communication Principles.

The Auditing Standards Board of the AICPA Has Undertaken a Clarity