Define generally accepted auditing standards (GAAS). Who is responsible for developing standards for the audits of public entities? Who is responsible for developing standards for the audits of nonpublic entities?
Answer to relevant QuestionsWhat is due care? To what standards are auditors held with respect to due care?What is a financial reporting framework? How is it related to the auditors’ reporting responsibilities? What must external auditors do to use the work of internal auditors in the audit of an entity’s financial statements? List and briefly explain the eight basic audit procedures.What information would you expect to find in a current audit file?
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