Generally Accepted Auditing Standards (GAAS) and Their Applicability in Professional Practice in Bolivia

Abstract

The objective of this article was to analyze the importance, applicability, and impact of Generally Accepted Auditing Standards (NAGAS) in professional practice in Bolivia, considering their role as the technical and ethical foundation for issuing reliable opinions on financial statements. The methodology employed was qualitative and documentary, based on a systematic review of standards issued by the National Technical Council of Auditing and Accounting (CTNAC), international pronouncements from IFAC, specialized academic literature, and prior studies on auditing and financial control. The analysis was thematically organized around the central components of NAGAS: execution of work, documentation, communication of results, and reference accounting frameworks. The results showed that NAGAS constitute an essential pillar for audit quality by promoting proper planning, obtaining sufficient and competent evidence, and ensuring rigorous documentation of the audit process. Likewise, it was identified that the correct application of these standards strengthens transparency, uniformity, and comparability of financial information. However, challenges were observed in their implementation, particularly related to a lack of professional updating, limited technological resources, and weaknesses in regulatory oversight. It is concluded that the applicability of NAGAS in Bolivia is indispensable for ensuring audit reliability and strengthening public trust, making it necessary to promote their continuous updating and comprehensive adoption in professional practice.