Business

Principles of Generally Accepted Auditing Standards (GAAS) GAAS means Generally Accepted Auditing standards; are sets of standards against which the quality of audits are performed…

Generally Accepted Auditing Standards (GAAS) Generally Accepted Auditing Standards or GAAS are sets of standards against which the quality of audits are performed and may…

Phases of a Financial Audit A financial statement audit is an engagement performed by an independent accountant to provide assurance that an entity’s financial statements…

Ways of narrowing Expectation Gap: The term expectation gap is defined as a gap between the expectation of users of assurance reports, particularly of audit…

Reasons for raising Expectation Gap The term expectation gap is defined as a gap between the expectation of users of assurance reports, particularly of audit…

Expectation Gap The term expectation gap is defined as a gap between the expectation of users of assurance reports, particularly of audit report under the…

Control Activities relevant to Financial Statement Audit Control activities are those policies and procedures that help ensure that management directives are carried out. They help…

Objective of Audit in Financial Statements Auditing is a systematic examination of books and records of a business or other organization, in order to the…

Economic Benefits of Auditing Economic benefits must accrue from audits to justify such costs. Auditing such as examination of the books accounts and a bachelor…

Limitation or Disadvantage of Financial Audit Auditing is a systematic examination of books and records of a business or other organization, in order to the…