Auditing Standards Standard: SAS No. Term Paper

Open, View, and/or
Download this Document

Total Length: 592 words ( 2 double-spaced pages)

Total Sources: 1

Page 1 of 2

The implementation of this standard will give auditors much more control over the audit process. This gives the auditors the tools they need to meet their responsibilities with respect to professional skepticism. Auditors are responsible for the quality of the financial statements, and this standard gives them the mandate to be sufficiently creative in the audit design so as to detect misstatement.

The change benefits experienced auditors in particular, and places the onus on inexperienced auditors to learn quickly how to assess risk. Improper assessment of the risk of misstatement will result in poorly designed audits and therefore increased risk of misstatements passing through the audit. Experienced auditors will be better able to design audits that detect misstatement because they will better understand the risks. For companies, this additional degree of empowerment to the auditors will place addition risk on the company in the even of misstatement.

Stuck Writing Your "Auditing Standards Standard: SAS No." Term Paper?

View All Our Example Auditing Standards Standard: SAS No. Term Paper

Have A Custom Example Essay Written

With the auditor having substantial flexibility over the nature, timing and controls of the audit, the company will need to ensure that the financial statements it produces are accurate. The unpredictable nature of the audit process will make it more difficult for companies to commit fraud of unintentional misstatement, so the companies themselves will need to implement more controls to ensure that their financial statements will pass audit.

The implementation of this standard will change the way audits are conducted because it will emphasize advanced planning of the audit -- a risk assessment will first be conducted followed by an audit design. In addition, this standard will emphasize the building of longer-term relationships between companies and auditors because the greater level of experience an auditor has with the company, the better the audit….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Auditing Standards Standard SAS No " (2010, October 25) Retrieved June 5, 2026, from
https://www.aceyourpaper.com/essays/auditing-standards-standard-sas-7443

Latest MLA Format (8th edition)

Copy Reference
"Auditing Standards Standard SAS No " 25 October 2010. Web.5 June. 2026. <
https://www.aceyourpaper.com/essays/auditing-standards-standard-sas-7443>

Latest Chicago Format (16th edition)

Copy Reference
"Auditing Standards Standard SAS No ", 25 October 2010, Accessed.5 June. 2026,
https://www.aceyourpaper.com/essays/auditing-standards-standard-sas-7443
   

Open, View, and/or
Download this Document
order custom essay example