![]() ![]() 2 The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows: General Standards While we understood what GAAS is, let us take a look at what are the standards to which an auditor must comply with, in order to ensure that the auditing process is as per GAAS. Read more on: Accounting principles Requirements for Accounting Standards Following this process helps auditors not only ensure correctness in the reports, but also determine if the company’s financial statements are as per GAAP (Generally accepted accounting principles). Once the auditors perform the necessary checks of the financial records, they must ensure that the audit report is reviewed as per the GAAS. It ensures that the auditor who performs these checks has accuracy, consistency, and verifiability on the quality of companies' financial records. GAAS came into being by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA). These systematic guidelines are referred to as Generally Accepted Auditing Standards aka GAAS. While performing such checks, there are a set of rules/guidelines which an auditor is supposed to mandatorily follow. It could be changes made to date, ledger masters and amounts in the voucher. ![]() ![]() An auditor’s primary job is to perform an audit or track changes that affect the integrity of a transaction. What Are Generally Accepted Auditing Standards (GAAS)?Īuditing is a crucial process in any organisation. What Are Generally Accepted Auditing Standards (GAAS). ![]()
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