Generally Accepted Auditing Standards
(GAAS) and Philippine Standards on Auditing
(PSA) should be looked upon by practitioners
as
a. Ideals to work towards, but which are not
achievable.
b. Benchmarks to be used on all audits,
reviews, and compilations.
c. Maximum standards which denote
excellent work.
d. Minimum standards of performance
which must be achieved on each
audit engagement.
(GAAS) and Philippine Standards on Auditing
(PSA) should be looked upon by practitioners
as
a. Ideals to work towards, but which are not
achievable.
b. Benchmarks to be used on all audits,
reviews, and compilations.
c. Maximum standards which denote
excellent work.
d. Minimum standards of performance
which must be achieved on each
audit engagement.