Plagiarism Scan Report

Summary
Report Genrated Date 21 Jun, 2018
Plagiarism Status 100% Unique
Total Words 510
Total Characters 3345
Any Ignore Url Used

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Content Checked For Plagiarism:

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Standards measures the quality performance of individual or organizations and legal duty
of a professional to exercise the level of skill prescribed in the code of practice of his
chosen profession. Every profession has their different standards, but it has one goal, it is

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to maintain their professional qualities. For instance, The Board of Accountancy (BoA)
publicized ten Generally Accepted Auditing Standards (GAAS) and is to create required level
of worth for performing financial statements audits. Those standards given must be

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followed by CPAs when they are auditing financial statements. In addition, the Philippine
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Standards on Auditing commonly called as PSAs, are made to clarify the meaning of ten
GAAS mentioned. Auditing methods are the means used by auditors in accomplishing the
quality required by the standards.
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GAAS has three areas, firstly the General Standards which is to be performed by a person
or persons having sufficient knowledge and skill as an auditor. Next, Standards of
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Fieldwork, every work needs to be effectively planned and must be properly supervised.
There is to be proper study and estimation of existing internal control. Appropriate
competent evidential matter is to be attained through inspection, observation, inquires and
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confirmations. Lastly, the Standards of Reporting, the report shall maintain whether the
financial statements are presented properly in accordance with Generally Accepted
Accounting Principles (GAAS). The report shall also classify those circumstances in which
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ethics have not been reliably observed in the current period in relation to the previous
period. Disclosures must be observed as reasonably if otherwise stated in the report. The
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report also needs to put notes concerning the financial statements, taken as the whole.
When an opinion cannot be stated, the reasons thus should be specified. As a result, if an
auditor’s name is associated with the financial statements, the report must include
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suggestion letter of character and the level of responsibility he or she will take. Now let’s
discourse about the System of Quality Control, they assumed that if the public will depend
on the professional’s work, it is important that proper controls are presented in place to
make sure that their work is reliably high quality. According to Philippine Standards on
Quality Control (PSQC) 1, teams must apply quality control methods that are valid to audit,
be responsible in providing the firm with significant information and must depend on the
firm’s systems unless data provided by the firm. And for Ethical requirements the firm must
create policies and procedures chosen to provide it with sufficient assurance. The firm’s
personnel must have these ethical requirements, integrity, professional competence and
due care, professional behavior, confidentiality and objectivity. A firm must establish rules
and guidelines for the acceptance and continuance of client as has integrity of the client,
competent to do engagement and contains time, capabilities and mean to do so, and can
fulfill with ethical requirements. Next, the company should establish rules and policies
appointed to present it with acceptable assurance. Assistants must be informed of their
responsibilities in the firm, the nature of entity’s business and future problems that can
occur.

Report generated by smallseotools.com

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