¶ … American Institute of Certified Public Accountants (AICPA) pioneered and mulled over a set of standards for auditing professionals. These eventually became recognized as the 10 generally accepted auditing standards. The 10 generally accepted auditing standards fall under three main categories:
General standards -- Audits must be executed by a qualified and adept auditor.
All matters relating to the project should be addressed with autonomy in mental attitude.
Professional care is to be exercised at all times.
Field work Standards -- work is to be sufficiently planned and appropriately managed.
To evaluate the risk of substantive misstatements, a satisfactory understanding of the entity is essential. knowledgeable auditing skills must be demonstrated through auditing measures performed to afford a reasonable basis for an opinion.
Reporting Standards -- Report whether the financial statements are presented in harmony with generally accepted accounting principles. Report the conditions in which principles have not been consistently observed in the current period. Informative disclosures in the financial statements are to be reasonably sufficient. Report an expression or opinion regarding financial statements.
Financial statement audits are executed in synchronization with GAAP and other established criteria...
deceitful profession, certified public accountants would most certainly not be the first to come to mind. That is because CPAs are known and respected for their honesty. The profession goes out of its way to project that image, and there is a certain amount of truth to it. However, not all CPAs are squeaky clean and respected for their honesty. Some are quite dishonest and are putting a black
This role is in response to clients' demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare." (U.S. Department of Labor, Bureau of Labor Statistics, 2009) 1. Public Accounting The work entitled: "The Reality of the CPA's Role" states that modern CPAs work "behind the scenes as trusted advisors in
Ethical Issues Affecting Accountants The need for ethical standards within the corporate accounting field is urgent, and this paper delves into ethical issues. Given the fact that rules can be bent and manipulated, this paper also points to potential ways in which ethics can become as important as rules. While there has apparently been a "shift in the ethical behavior of management" -- which is related to the corruption and convictions of
The article also focuses on the differences in decision making of senior accountants based on the type of education they received vs. The amount of practical experience they had. The article focuses on these issues as it pertained to the value of accounting education and experience in the stock market. Overall this resource is well written and seeks to provide a point-of-view from the epicenter of the finance world
As stated in the AICPA code of conduct, the accountants need to put aside their own points-of-view and use the unified school of thought that is presented in the code. This means that the accountants should work on a deontological perspective since the utilitarianism perspective is akin to breaking or bending the rules in order to satisfy their own interests. The professional code of conduct was developed as a result
Accounting Careers Accounting is a common function in virtually every organization, irrespective of size and industry/sector of operation. The function is generally concerned with documenting business transactions and preparing financial statements. The accounting field offers numerous career paths. These include financial accounting, managerial accounting, internal auditing, tax accounting, financial analysis, payroll clerking, and forensic accounting (Bureau of Labor Statistics [BLS], 2015; American Institute of Certified Public Accountants [AICPA], 2017). Though related,
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