Auditing plays a vital role in business, government, and our economy. The current paper shall discuss the nature and functions of auditing and relate them to the audit functions in ABC, Inc., The paper shall also address the elements of the Generally Accepted Auditing Standards (GAAS) and how these standards apply to financial, operational, and compliance audits, explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB) will have on audits of publicly traded companies, and discuss the additional requirements that are placed on auditors from this Act as well as the actions of the PCAOB.
The American Accounting Association (AAA) provides the most general definition of auditing as follows: Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and......

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Title: Generally Accepted Auditing Standards Paper
Approximate Word Count: 725
Approximate Pages: 3 (250 words per double-spaced page)

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