Elements of Generally Accepted Audit Standards In the United States, the generally accepted auditing standards were developed by the Auditing Standards Board of American Institute of Certified Public Accountants and contain ten auditing standards (Beasley & Carcello, 2008). As a result, numerous organizations across the world have adopted auditing standards in production and analysis of their financial statements. Much emphasis have been placed on auditing standards especially in the 21st century that has been characterized by increased high profile corporate scandals resulting from unregulated auditing.
The standards define who is qualified to perform an audit engagement and the need for adequate technical training and proficiency, which promotes professional care in the engagement of audit. They are personal and relate to the qualifications of the auditor and the professional care exercised in a particular audit engagement. Generally Accepted Auditing Standards Introduction Generally accepted auditing standards refer to a set of standards through which the quality of audits is assessed.