The 10 Generally Accepted Auditing Standards (GAAS)

TIPSEWACI acronym

Acronym

TIPSIEWACI

General Standards (TIP)

Training & Proficiency, Independence, Professional Care

T: Training & Proficiency

The audit must be performed by a person or persons having adequate technical training and proficiency as an auditor.

I: Independence

In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.

P: Professional Care

Due professional care is to be exercised in the performance of the audit and the preparation of the report.

Fieldwork Standards (SIE)

Supervision & Planning, Internal Controls, Evidence

S: Supervision & Planning

The work to be adequately planned and assistants, if any, are to be properly supervised.

I: Internal Controls

A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.

E: Evidence

Sufficient appropriate evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion.

Reporting Standards (WACI)

Written in GAAP, Adequacy of Disclosures, Consistency, Issuance of Opinion

W: Written in GAAP

The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.

A: Adequacy of Disclosures

Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.

C: Consistency

The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.

I: Issuance of Opinion

The report shall either contain an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed.