Auditing
The first Generally Accepted Accounting Standard states the examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor. Holmes, CPA, did not follow this standard as he had two accounting students as his assistants with a lack of proficiency. These tow students are not certified public accountants and do not have the experience to help with this audit.
The second standard states in all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditors. Holmes seemed more concerned with getting the audit finished, then spending adequate time making sure it was done properly. He did not use proper standard while conducting the audit.
Due professional care is to be exercised in the performance of the examination and the preparation of the report. Holmes also did not follow this standard. He spent only a few hours explaining to the students what they should do. The CPA rushed the two students to complete the audit improperly.
The work of an audit should be adequately planned and assistants shall be properly supervises. First, this audit was never planned out. Second, Holmes
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