What is gs007 Australia?
There are several standards and guidance statements on which controls reporting is based, in Australia and overseas. For ease of understanding we have used the term ‘GS 007’ as a proxy for controls reporting in Australia by service organisations generally.
What standards do auditors follow?
General Standards 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.
What does a SOC 1 report cover?
SOC 1 Report Summary SOC 1 reports cover the business process control objectives and IT general controls that address the risks of your users related to the use of your service. SOC 1s are the correct report if your company provides a service that is relevant to or could impact the financials of your clients.
Can an auditor rely on a Type 2 report?
A Type 2 audit report provides the user entity and the user entity auditors with a higher level of assurance for them to rely on.
What is a guidance statement?
Guidance Statements provide guidance to assist the auditor to fulfil the objectives of an audit or assurance engagement. They include explanatory details and suggested procedures on specific matters for the purposes of understanding and complying with AUASB standards.
What is the SAS 70 called now?
Statement on Standards for Attestation Engagements
SAS no. 70 has been divided and replaced by two new standards. One is a Statement on Standards for Attestation Engagements (SSAE) also known as an attestation standard; the other is a SAS (an auditing standard).
What are the 10 GAAS of USA?
10 Generally Accepted Auditing Standards
- General Standards. Adequate technical training and proficiency. Independence in mental attitude.
- Standards of Fieldwork. Adequate planning and proper supervision. Understanding the internal control structure.
- Standards of Reporting. Financial statements presented by GAAP.