Standards on Audit

Question

Standards on Audit

Accepted Answer

Standards on Audit refer to the guidelines and procedures followed by auditors while conducting an audit.

Standards on Audit ensure that the audit is conducted in a systematic and consistent manner.
These standards are set by the International Auditing and Assurance Standards Board (IAASB).
There are three types of standards: General Standards, Fieldwork Standards, and Reporting Standards.
Examples of General Standards include independence, due care, and professional skepticism.
Examples of Fieldwork Standards include planning and supervision, internal control evaluation, and audit evidence.
Examples of Reporting Standards include expressing an opinion, communicating findings, and issuing a report.
Adherence to these standards ensures that the audit is reliable, relevant, and useful to stakeholders.

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