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GAAS: Due Professional Care

GAAS: Due Professional Care
The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations.

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What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard?

Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act?

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