GAAS

Written by Fmi.Online Friday January 6, 2023
Generally Accepted Auditing Standards are the rules that govern auditing practices in the United States. The Auditing Standards Board, a part of the American Institute of Certified Public Accountants, creates GAAS to establish auditing practice standards and rules.

Explanation :

  The Auditing Standards Board created a framework of auditing standards that was divided into three main sections: Auditing standards :
  • General Standards
  • Standards of Fieldwork
  • Standards of Reporting
GAAS are the auditing standards that help measure the quality of audits. Auditors review and report on the financial records of companies according to the generally accepted auditing standards. Auditors are tasked with determining whether the financial statements of public companies follow generally accepted accounting principles (GAAP). GAAP is a set of accounting standards that companies must follow when reporting their financial statements. Auditors review a company's financial numbers and accounting practices to ensure they're consistent and comply with GAAP. The Securities and Exchange Commission  (SEC) requires that the financial statements of public companies are examined by external, independent auditors.

In a nutshell :

  • Generally accepted auditing standards (GAAS) are a set of principles that auditors follow when reviewing a company's financial records.
  • GAAS helps to ensure the accuracy, consistency, and verifiability of an auditors' actions and reports.
  • The generally accepted auditing standards (GAAS) are contained within three sections that cover general standards, fieldwork, and reporting.
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