The Impact Of International Auditing Standards On Auditing Accounting Principles And The International Financial Reporting Standards

2011 Words9 Pages
The personal and professional goals to be accomplished through the research 1. To evaluate impact of International Audit Standards in Audit Reports in companies. 2. To measure the efficiency of the Audit Reports in the companies. 3. To evaluate the relationship that exists between audit firm, size, length and branches in reference to the audit reports. 4. To examine the importance of the topic on auditing to the accounting students. The Integration of Generally Accepted Accounting Principles and the International Financial Reporting Standards Background Information The Generally Accepted Accounting Principles (GAAP) refers to a collection of counting standards and rules that are commonly followed by financial reporting. The specifications of the Generally Accepted Accounting Principles include the definition of standards that are specific to industries, principles as well as concepts. The purpose of the Generally Accepted Accounting Principles is to make sure that the process of financial reporting is consistent and transparent from one business to the other. The GAAP’s standards are not universal hence; they differ from industry or geographical location to the other (Barth, Landsman, Lang & William, 2012, p. 79). In the US, the Security and Exchange Commission (SEC) ensures that the financial reporting adheres to the requirements of the Generally Accepted Accounting Principles. Companies that trade publicly are mandated to comply with both the GAAP and the SEC
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