Discuss why the GAAS and the SAS are considered minimum standards of performance for auditors
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total answers (1)
total answers (1)
Accounting
- The ten GAAS and the SAS are minimum standards of performance because circumstances of individual engagements may require the auditor to perform audit work beyond that specified in GAAS and the SAS in order to appropriately issue an opinion that a set of financial statements is fairly presented.
- As a result, the auditor needs to use professional judgment in following all standards.
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