Auditing Standard Research Paper

Pages: 2 (635 words)  ·  Bibliography Sources: ≈ 2  ·  File: .docx  ·  Level: College Senior  ·  Topic: Accounting

Auditing Standard

Standard: AU Section 339 Auditing Documentation

Summary of the new standard (main issues addressed and/or new concepts).

In Section 339, it discusses the basic standards that all auditors must embrace: before, during and after an audit has been conducted. It is providing guidance in a number of areas to include: documentation, conducting audits, reporting irregularities and maintaining confidentiality. As far as documentation is concerned, the standards define what forms need to be used and how the auditor is to keep track of the work that has been conducted. It then, discusses how findings should be interpreted as: a significant breach and what is considered to be nothing more than an anomaly. ("AU Section 369")

Conducting audits is when the rule is defining how: various interviews should take place and what items need to be looked at during the test. This is when the auditor will: sample various documents and scan for possible trends in the balance sheet. Once this occurs they will then, record and analyze this information, to identify structural weaknesses. ("AU Section 369")

Reporting irregularities is when the rule is stating how: anomalies and differences in the financial information should be documented. In this case, the auditor must conduct an alternative audit, recording the results in their working papers. This will disclose how the anomaly was discovered and the results of the alternate procedure. ("AU Section 369")

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Maintaining confidentiality is when the auditor must ensure that their client's personal information is not compromised. As they must take reasonable steps, to ensure that they are always protected. In this case, the auditor will: limit the overall scope when revisions that could take place and the amounts access (to only certain team members / authorized parties). These different elements are important, because they are showing the basic procedures and documentation that should be utilized during an audit. ("AU Section 369")

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How to Cite "Auditing Standard" Research Paper in a Bibliography:

APA Style

Auditing Standard.  (2011, March 19).  Retrieved October 24, 2020, from

MLA Format

"Auditing Standard."  19 March 2011.  Web.  24 October 2020. <>.

Chicago Style

"Auditing Standard."  March 19, 2011.  Accessed October 24, 2020.