![]() When an overall opinion cannot be expressed, the reasons therefor should be stated. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the reportĤ. The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding periodģ. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles (GAAP)Ģ. Sufficient appropriate evidential matter is to be obtained through inspection, observation, inquires, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under auditġ. A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performedģ. The work is to be adequately planned and assistants, if any, are to be properly supervisedĢ. ![]() ![]() Due professional care is to be exercised in the performance of the audit and the preparation of the reportġ. Study with Quizlet and memorize flashcards containing terms like 10 Generally Accepted Audited Standard, Three GAAS standards, General Standards and more. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditorsģ. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditorĢ. Generally Accepted Government Auditing Standards (GAGAS), also known as the Yellow Book, are the guidelines for audits created by the Comptroller General. ![]()
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