International Standards for the Professional Practice of Internal AuditingStandards are principle-focused and provide a framework for performing and promoting internal auditing. The Standards are mandatory requirements consisting of: Show
It is necessary to consider both the statements and their interpretations to understand and apply the Standards correctly. The Standards employ terms that have been given specific meanings as noted in the Glossary, which is also part of the Standards. Copyright American Institute of Certified Public Accountants, Inc. Access the copyright permission information
 The Auditing Standards Board (ASB) has redrafted all of the auditing sections in Codification of Statements on Auditing Standards (contained in AICPA Professional Standards). These sections now reflect the ASB’s established clarity drafting conventions designed to make the standards easier to read, understand, and apply. Among other improvements, generally accepted auditing standards (GAAS) now more clearly states the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS. As the ASB redrafted the standards for clarity, it also converged the standards with the International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB). Although the purpose of redrafting the auditing standards is for clarity and convergence and not to create additional requirements, auditors will need to make some adjustments to their practices as a result of this project. The AICPA developed a Learning and Implementation Plan to prepare for the transition, as well as additional information, including transition guidance and training, located in the Financial Reporting Center. As part of the clarity project, the "AU-C" identifier was established to avoid confusion with references to existing "AU" sections. The "AU-C" identifier had been scheduled to revert back to the AU identifier at the end of 2013, by which time the previous sections would be superseded for all engagements. However, in response to user requests, the AU-C identifier will be retained indefinitely. The superseded AU sections were removed from Professional Standards at the end of 2013, as scheduled. The ASB has completed the Clarity Project with the issuance of SAS No. 128, Using the Work of Internal Auditors, which is effective for audits of financial statements for periods ending on or after December 15, 2014.
SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources SAS No. 143, Auditing Accounting Estimates and Related Disclosures SAS No. 142, Audit Evidence SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134–140 SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137 137 (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134 (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 138, Amendments to the Description of the Concept of Materiality (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 135, Omnibus Statement on Auditing Standards – 2019 (SAS No. 141 delays the effective date to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS No. 141 delays the effective to December 15, 2021, and the Auditing Standards Board recommends that SAS Nos. 134–140 be implemented concurrently) Auditing Interpretations How are auditing standards formed?The generally accepted auditing standards were created by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA). These guidelines were designed to ensure a specific standard of consistency, accuracy, and accountability across any auditor's review and resulting reports.
How has auditing evolved in our modern time?Auditing evolved and grew rapidly after the industrial revolution in the 18th century with the growth of the joint stock companies where the ownership and management became separate. The audit function was mainly to provide credibility to the financial statements prepared by company managers for their shareholders.
What is the purpose of auditing standards?Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Auditing procedures differ from auditing standards. Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards.
Who created auditing standards?Originally developed and issued by the American Institute of Certified Public Accountants (AICPA) in 1972, the current GAAS comprises 10 standards with which AICPA member auditors are required to comply.
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Describe how professional auditing standards are formed and how they continue to evolve
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