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SAS
No. 01 Summary of Generally Accepted Auditing Standards |
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 Status |
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Revised by Auditing Standards Committee in Taiwan on 25 January,
2000. |
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Summary |
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The general, field work, and reporting standards are as follows: |
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General Standards |
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1. The auditor must have adequate technical training and
proficiency to perform the audit.
2. The auditor must maintain independence in mental attitude in
all matters relating to the audit.
3. The auditor must exercise due professional care in the
performance of the audit and the preparation of the report. |
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Standards of Field Work |
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1. The auditor must adequately plan the work and must properly
supervise any assistants.
2. The auditor must obtain a sufficient understanding of the
entity and its environment, including its internal control, to
assess the risk of material misstatement of the financial statements
whether due to error or fraud, and to design the nature, timing, and
extent of further audit procedures.
3. The auditor must obtain sufficient appropriate audit evidence,
and document in audit working papers, by performing audit procedures
to afford a reasonable basis for an opinion regarding the financial
statements under audit. |
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Standards of Reporting |
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1. The auditor must state in the auditor's report whether the
financial statements are presented in accordance with generally
accepted accounting principles.
2. The auditor must identify in the auditor's report those
circumstances in which such principles have not been consistently
observed in the current period in relation to the preceding period.
3. When the auditor determines that informative disclosures are
not reasonably adequate, the auditor must so state in the auditor's
report.
4. The auditor must either express an opinion regarding the
financial statements, taken as a whole, or state that an opinion
cannot be expressed, in the auditor's report. When the auditor
cannot express an overall opinion, the auditor should state the
reasons in the auditor's report. In all cases where an auditor's
name is associated with financial statements, the auditor should
clearly indicate the character of the auditor's work, if any, and
the degree of responsibility the auditor is taking, in the auditor's
report. |
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The nature of the above standards and the SASs requires the auditor
to exercise professional judgment in applying them. Materiality and
audit risk also underlie the application of the above standards and
the SASs, particularly those related to field work and reporting.
When, in rare circumstances, the auditor departs from a
presumptively mandatory requirement, the auditor must document in
the working papers his or her justification for the departure and
how the alternative procedures performed in the circumstances were
sufficient to achieve the objectives of the presumptively mandatory
requirement. |
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 Effective
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This Statement is effective from 25 January, 2000. |
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