Generally Accepted Auditing Standards
A Generally Accepted Auditing Standards is an auditing standard that ...
- AKA: GAAS.
- …
- Example(s):
- See: American Institute of Certified Public Accountants, Sarbanes-Oxley Act, Auditing Standard, Auditing Standards Board, Statements on Auditing Standards (United States), Public Company Accounting Oversight Board.
References
2016
- (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/Generally_Accepted_Auditing_Standards Retrieved:2016-10-5.
- Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA).
AU [1] Section 150 states that there are 10 standards: [2] 3 general standards, 3 fieldwork standards, and 4 reporting standards. These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. Typically, the first number of the AU section refers to which standard applies. However, in 2012 the Clarity Project significantly revised the standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards.[3] [4]
In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes-Oxley Act; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public companies.
- Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA).
- ↑ Note that AU stands for audit, not separate words. See Alphabet Soup: A Director’s Guide to Financial Literacy and the ABCs of Accounting and Auditing.
- ↑ AU Section 150: Generally Accepted Auditing Standards. AICPA.
- ↑ Morris JT, Thomas T. (2011). Clarified Auditing Standards: The Quiet Revolution. Journal of Accountancy.
- ↑ Summary of Differences Between Clarified SASs and Existing SASs. AICPA.
- (City Council of Barnstable, 2016b) ⇒ Town of Barnstable. (2016). “Town of Barnstable Adopted Operating Budget - 2017."
- QUOTE: Generally Accepted Auditing Standards (GAAS): Accounting standards that define the conventions, rules, and procedures necessary to make valid financial presentations. The Governmental Accounting Standards Board (GASB) provides specific interpretations of the GAAP for application in state and local governments. Criteria used by auditors to determine if financial statements are fairly presented.