Detail the GAAS application in internal audit?

Question

Accepted Answer

GAAS is applied in internal audit to ensure the audit is conducted with integrity, objectivity, and independence.

GAAS (Generally Accepted Auditing Standards) provide guidelines for conducting audits in a consistent and thorough manner.
Internal auditors must adhere to GAAS to ensure the audit is conducted with integrity, objectivity, and independence.
GAAS includes standards related to planning, performing the audit, and reporting the results.
Examples of GAAS application in internal audit include ensuring proper documentation, maintaining confidentiality, and obtaining sufficient evidence.
Adherence to GAAS helps in providing reliable and accurate audit reports to stakeholders.

Accepted Answer

Standards of field work
Standards of reporting
With proper justification.

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