Acc 491 generally accepted auditing standards paper

Basically the PCAOB oversees auditors of publically traded companies to protect investors, creditors, and the general public. The PCAOB is a private sector that was created by the SOX Act of 2002. The Sarbanes-Oxley Act of 2002 and the Public Company Accounting Oversight Board (PCAOB) affect publically traded companies. This is also known as a management audit. Operational audits focus on activities in relation to objectives. A compliance audit focuses on whether or not a firm is following rules and government regulations, such as the Sarbanes-Oxley Act that requires duel-purpose auditing and compliance audits. The results are then distributed to the general public. Typically a CPA preforms a financial audit by evaluating a firmвЂ™s financial position to see if they are using GAAP. Boynton & Johnson, 2006) The Generally Accepted Accounting Standards apply to financial, operational, and compliance audits. All together there are 10 different GAAS that are used to establish the quality of performance and the overall objectives to be achieved in afinancial statementaudit. The Generally Accepted Auditing Standards (GAAS) are a set of standards that public accountants are required to use. Brinker Nation is audited by independent auditing committee with no relation to the company, they follow the standard of the NYSE as well as the Securities and Exchange (SEC). The organization is which I am familiar with is ChiliвЂ™s Bar and Grill where I have been an employee for over 4 years.Д¬hiliвЂ™s is owned by Brinker Nation, which is publically traded on the New York Stock Exchange under the symbol EAT. The purpose of this paper is to explain the nature and functions of auditing, and relate them to an organization in which we are familiar. This credibility is passed on to interested users such as banks, stockholders, and management. Once this is done a written report is made by the auditors to give the organization the credibility they deserve. To break it down auditing follows a certain process of steps using financial statements and tax returns to evaluate an organization in an unbiased way. Boynton & Johnson (2006) define auditing as the following, вЂњ A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested usersвЂќ (p. Without auditing there would be plenty of room for mistakes. House Auditing is extremely important to our businesses, our state and federal government, investors, banks, and our overall economy. For more classes visit Accepted Auditing Standards Paper Madeline Cates ACC/491 Contemporary Auditing 1 NovemThomas A. Discuss the additional requirements that are placed on auditors from this Act, and the actions of the PCAOB. Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. Describe how these standards apply to financial, operational, and compliance audits. In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. Presentation on theme: 'ACC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Individual-Assignment-Generally-Accepted-Auditing-Standards-'- Presentation transcript:ДЄCC 491 Week 1 Individual Assignment Generally Accepted Auditing Standards Paper Individual-Assignment-Generally-Accepted-Auditing-Standards- Paper Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing.

Acc 491 generally accepted auditing standards paper