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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 any 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

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Answer:

B) I and III

Explanation:

Generally Accepted Audit Standards are used for auditing private companies. They provide systematic guidelines to auditors when conducting audits on companies' financial statements. They check for the auditor's verifiability of the company's compliance  to the Generally Accepted Accounting Principles (GAAP) as well as  their accuracy and consistency of their records. Therefore, choices I and III are correct.