List the 10 Generally Accepted Audit Standards and list one thing that could happen if the standard is -NOT- followed. You cannot say "We could get sued". The Standards Are: 1-Techincal Training and Proficiency 2- Indenpendence in Mental Attitude 3- Due Professional Care 4-Adequate Planning and Supervision 5-Understand the Entity and It's Environment Including it's internal controls 6-Sufficient Appropriate Evidencee 7-Reporting the Financial statement in accordance with GAAP 8- Indentifying circumstances which principles have not been consistantly observed in the current period vs. previous period 9-If the information disclosures are not adequate, the auditor must state that in the Auditor's report 10-Expressing opinion regarding financial statements. If not opinion can be given, then a reason of "why" needs to be given