![]() GAAP and the ISA provides five major ground which forms the basis for evaluating the key areas of departure between the two sets of standards. GAAS and ISA.Ī critical analysis of the U.S. The essay aims at providing a succinct analysis of the major of departure between the U.S. For a long period, regulators have made several attempts to converge the GAAP and the ISA into a single set of auditing standards applicable universally worldwide. GAAP by the ASB (Auditing Standards Board) which operated under the aegis of AICPA. On the other hand, the period before the enactment of the Sarbanes-Oxley Act saw the formulation of the U.S. The IAASB (International Auditing and Assurance Standards Board), a body of the IFAC (International Federation of Accountants), issues the ISA. have witnessed constant efforts to converge to the ISA, the two sets of accounting standards are not without key areas of departure. In the United States, several sets of auditing standards exist with the main ones being the GAAS (Generally Accepted Auditing Standards) and ISA (International Standards on Auditing). A notable feature, however, is that such standards vary by territory. Almost all institution have adopted some forms of auditing standards and principles. ![]() Auditing standards generally form the basis against which audits’ quality are not only performed but also judged. However, the practice is not without some regulations and standards for quality and performance measurement and control. In a nutshell, auditing serves to protect the interest of the stakeholders. It serves as the watchdog for all the stakeholders against any malpractices. Undeniably, the heart of the corporate business world is accounting however, auditing plays an indispensable role in accounting.
0 Comments
Leave a Reply. |