Which of the following statements about Generally Accepted Audit Standards are true?
I. They serve as broad guidelines to auditors for conducting an audit engagement.
II. They are sufficiently specific to provide a meaningful guide to practitioners.
III. They represent a framework upon which the AICPA can provide interpretations.
A) I and II
B) I and III
C) II and III
D) I, II and III

Question

Quizplus · Accepted Answer

Generally Accepted Audit Standards (GAAS) serve as broad guidelines to auditors for conducting an audit engagement (I) and represent a framework upon which the AICPA can provide interpretations (III). However, they are not sufficiently specific to provide a meaningful guide to practitioners (II). Therefore, only statement I and III are true. Choice B is the only option that includes both true statements.

Which of the Following Statements About Generally Accepted Audit Standards