Statements on Auditing Standadards : Related Parties - Essay Example

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. . dit to get the correct use of their funds so as to have knowledge on whether there was misappropriation or squandering of funds during a project management. Analysis When Statements on Auditing Standards (SASs) are adequately followed by the practitioners of the auditing in all sectors of finance, there will be transparency in the sector.

This will lead to the fulfillment of the desired projects on time with the right features in the project being well satisfied (Puncel, 2008). This also gives the auditors a task to perform before practicing auditing. These statement rules help the board recruit well trained and skilled personnel to perform the audit. This also provides that the persons involved in the audit process should be in sober mind without any mental torture. The audit practitioners should give the highest professionalism in the work of audit to give the accurate audit figures without alteration of any valuable information.

This is a very delicate issue that should be approached in a very sober mind and with a lot of care. Financial matters are the backbone of every institution; hence, they must be carried by qualified personnel without favoring any party in the process. The auditor must have an action plan towards the work, that is, to be undertaken so as to give quality work that is to be accepted (Puncel, 2008). In case the auditor requires any assistance in the work that is to be pursued, there should be measures employed for maximum supervision.

This helps in attainment of results that are acceptable and do not favor any party during the process of the audit (Puncel, 2008). The auditor has to seek clarification about the organization so as to help him get the most reliable information from assessment of the financial statement of the organization so as to