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Auditing Standards

Why do we need auditing standards?: "I believe that Standards are much needed in any profession to maintain normal people's trust and confidence towards that profession. Standards are just one form of external controls over any profession, like checks and balances. The auditing profession is awash in standards. Various professional and regulatory bodies have established ethical standards, independence standards, quality control standards, and audit performance and reporting standards. Whether issued by the American Institute of CPAs (AICPA), the Public Company Accounting Oversight Board (PCAOB), the International Auditing and Assurance Standards Board (IAASB), or various national bodies, all standards have the effect of dictating, coordinating, and/or constraining professional auditors' activities and behavior. We have Generally accepted auditing standards (GAAS) which should be followed by all the auditors but in addition to that Generally accepted government auditing standards (GAGAS) are there specifically for Government Auditors. Generally accepted auditing standards or GAAS are the minimum standards which auditors must follow when they perform audits. These auditing standards have changed since their inception to ensure consistency and uniformity in the performance of audits. Generally accepted government auditing standards or GAGAS are the additional standards, over and above GAAS, that auditors must follow when auditing state and local governments, and non-governmental organizations that receive government funds. They are often referred to as "Yellow Book standards." An auditor that performs an audit of these organizations must follow GAGAS in addition to the standards promulgated by the AICPA. In my opinion, primary benefit of auditing standards is to provide a benchmark against which an audit can be evaluated. Auditing standards are needed to keep the auditing profession relevant, responsive to stakeholders' needs and moving forward the overall quality of the audit process."