Ethical Standards in Auditing

Auditing 1 – Standards
Student Name
Institutional Affiliation
Auditing 1 – Standards
Auditing standards offer the auditor minimum guidance that assists in determining the degree of audit procedures and stapes that need to be employed to meet the auditing objectives. They constitute the yardsticks or criteria against which the audit results quality is appraised (Daftary, 2019). The standard requires auditors to describe whether, in their opinion, the financial reports conform with the generally accepted accounting principles and identify circumstances where such canons are not consistently observed in designing the financial statements of the current fiscal compared to those of the previous period (Public Company Accounting Oversight Board, 2020). Ethics require auditing professionals to comply with the regulations and laws governing their bodies of work and jurisdictions. In that way, ethics ensure auditors avoid actions that could adversely impact their professional reputation. Ethics codes provide auditing professionals to sustain public trust as well as demonstrate fairness and honesty (University of West Florida, 2017).
The audit report aims to offer the shareholders an independent, expert opinion concerning whether the firm’s annual reports reflect t...