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- The Public Accounting Oversight Board
- Established pursuant Sarbanes-Oxley Act of 2002
- PCAOB established auditing and related professional standards for preparation and issuance of audit reports for issuers.
GAAS General Standards
- The auditor must have adequate technical training and proficiency to perform the audit.
- The auditor must maintain independence in mental attitude in all matters relating to the audit.
- Professional Care
- The auditor must exercise due professional care in the planning and performance of the audit and the preparation of the report.
GAAS Standards of Fieldwork
- Planning and Supervision
- The auditor must adequately plan the work and must properly supervise any assistants.
- Internal Control, Entity, and Environment
- The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, extent, and timing of further audit procedures.
- The auditor must obtain sufficient appropriate evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.