Generally Accepted Auditing Standards: Definition, GAAS vs. GAAP [Video]

Today, we will talk about Generally Accepted Auditing Standards (GAAS), which are a set of systematic guidelines used by auditors when conducting audits of companies’ financial records. GAAS helps to ensure the accuracy, consistency, and verifiability of auditors’ actions and reports. Auditors also ensure that financial statements of public companies follow generally accepted accounting principles (GAAP) and review their financial records and accounting practices to ensure that they’re consistent and comply with GAAP. GAAS comprises 10 standards, divided into the following three sections: General Standards, Standards of Fieldwork, and Standards of Reporting.
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