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Statements on Auditing Standadards : Related Parties - Essay Example
Finance & Accounting
Pages 4 (1004 words)
Statements on Auditing Standards Name: Institution: Course: Tutor: Date Purpose of Statement on Auditing Standards These statements are very important in every auditing exercise carried out in any institution that deals with finances. They give the responsibilities and the requirements of the auditor assigned to the auditing job…
Hence, the statements of auditing standards give the auditors the regulation to follow so as to perform their duties and give the right information at the end of the operation of the auditing process. The statements are very important because they hinder the practitioners to give bias results at the end of the auditing process. These statements ensure that the finances in every institution are used in the right way and for the purposes that the finances were meant for without any misappropriation of the finances. The statements on auditing standards (SASs) gives the auditors the interpretive publications in which the auditor is answerable to the SAS provisions in accordance to the auditing guidance (Beasley, 2012). The SAS gives the procedures that are to be followed by the auditors during their field study and the routes to follow in case they acquire any wrong information. They give easier procedures that do not require tiresome efforts in delivering to the required legal institution for further clarification. Auditors are very important in any institution where there are financial involvements. Every statement in the SASs contains different applications that are to be followed in the working out of the audit procedure. These give the auditors the guidelines as Auditing Standards Board. ...
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