Final answer:
The element that is pervasive to the performance and reporting sections of an audit conducted in accordance with GAAS is the element of reasonable assurance, which means that the auditor obtains enough evidence to provide a high level of confidence in the accuracy of the financial statements.
Step-by-step explanation:
The element that is pervasive to the performance and reporting sections of an audit conducted in accordance with GAAS is the element of reasonable assurance. Reasonable assurance means that the auditor has obtained enough evidence to provide a high level of confidence in the accuracy of the financial statements. It is important for auditors to exercise professional skepticism and use their judgement to assess the reasonableness of the information being audited.
This element is closely related to the elements of materiality and audit risk, which are also important factors in the application of the principles underlying an audit. Materiality refers to the significance of an amount or transaction in the financial statements, while audit risk is the risk that the auditor may issue an incorrect opinion on the financial statements. Internal control is another element that is relevant to an audit, but it is not pervasive to the performance and reporting sections specifically.
In summary, the element that is pervasive to the performance and reporting sections of an audit conducted in accordance with GAAS is the element of reasonable assurance. This means that the auditor obtains enough evidence to provide a high level of confidence in the accuracy of the financial statements.