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Generally Accepted Auditing Standards

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Generally Accepted Auditing Standards
Guidelines for how audits ought to be conducted. The Generally Accepted Auditing Standards are set by the American Institute of Certified Public Accountants and provide a uniform set of standards for how to conduct audits in the United States.

generally accepted auditing standards (GAAS)
Guidelines established by the American Institute of Certified Public Accountants for use by public accountants when conducting external audits of financial statements. See also audited statement, unaudited statement.


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95, Generally Accepted Auditing Standards, to reflect the terminology used in SAS No.
While the act requires auditors of public companies--the issuers--to follow the Public Company Accounting Oversight Board's (PCAOB) auditing standards, generally accepted auditing standards (GAAS) issued by the AICPRs Auditing Standards Board (ASB) apply to all audits of non-SEC-registered entities--nonissuers.
When the United States brought criminal charges against the auditors, the auditors defended their actions by maintaining that they properly followed generally accepted auditing standards during the audit engagement and that the footnote disclosing the circumstances surrounding the receivable also complied with the applicable accounting standards.
 
 
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