Wiley Practitioner's Guide to GAAS 2022

1AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards

• Scope
• Definitions of Terms
• Objectives of AU-C Section 200
• Requirements
  • Management's Responsibilities
  • Auditor's Objectives
  • Materiality
  • Ethical Requirements
  • Professional Judgment and Skepticism
• Complying with GAAS
  • GAAS and the GAAS Hierarchy

SCOPE

AU-C 200 describes:

• The auditor's overall responsibilities when conducting a GAAS audit, including
  • The auditor's overall objectives,
  • The nature and scope of the audit, and
  • The scope, authority, and structure of GAAS.

  (AU-C 200.01)

DEFINITIONS OF TERMS

Source: AU-C 200.14. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Applicable financial reporting framework, Audit evidence, Audit risk, Auditor, Detection risk, Financial reporting framework, Financial statements, Historical financial information, Interpretive publications, Management, Misstatement, Other auditing publications, Premise, relating to the responsibilities of management and, when appropriate, those charged with governance, on which an audit is conducted (the premise), Professional judgment, Professional skepticism, Reasonable assurance, Risk of material misstatement, Those charged with governance.

OBJECTIVES OF AU-C SECTION 200

The overall objectives of the auditor, in conducting an audit of financial statements, are to:

1. obtain reasonable assurance about whether the financial statements ...