![]() Basically, they are responsible for determining if the public or private company follows Generally Accepted Auditing Principles (GAAP) when preparing the financial statements. With that being said, it is the responsibility of the auditors to review the financial records and conduct auditing according to the ASB guidelines. Introduced by ASB (Auditing Standard Board), GAAS is used to measure the accuracy of the financial records. GAAP ensures that the financial record of the company is accurate. Banks, credit unions, and even investors check the financial records of the company before accepting their proposal. The latter involves a set of standards a company is supposed to follow when creating their financial statements. GAAS and GAAP are two different concepts. Now, these auditors are supposed to check the financial records according to Generally Accepted Auditing Standards. SEC (Securities and Exchange Commission) has made it mandatory for all companies to get their financial statements reviewed and audited by an independent auditor. Generally Accepted Auditing Standards are designed to ensure accuracy and Efficiency in auditing. It is mandatory for each auditor to take these set of guidelines into consideration when auditing the financial statements and Accounting records. ![]() GAAS or Generally Accepted Auditing Standards meaning refers to the rules and guidelines an auditor is supposed to follow when auditing the financial statements and accounts of a company. Generally Accepted Auditing Standards (GAAS) Updated on Febru, 3953 views What is Generally Accepted Auditing Standards? What is Generally Accepted Auditing Standards?. ![]()
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