1.2. The Sources of Standards, Accounting Principles and Auditing. Accounting principles are fundamental concepts that establish adequate bases for: Identifying and delimiting economic entities, which, through the execution of operations, generate financial information. • Valuing operations • Presenting financial information. Said principles are pronounced by the Mexican institute of public accountants based on the consumption of its membership: The auditing standards are the minimum quality requirements, relative to the personality of the auditor, the work performed and the information provided as The result of this work Personal standards refer to the qualities that the auditor must have to be able to assume, within the requirements that the professional nature of the audit imposes, a work of this type Technical training and professional capacity, care and professional diligence and independence. WORK EXECUTION RULES. and information standards.1.4. The Formulation of Accounting Principles
The generally accepted accounting principles are a horn of doctrines associated with accounting, which serve as an explanation of current or current activities and as a guide in the selection of conventions or procedures applied by Public Accounting professionals in the exercise of their duties. activities that are their own.