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.
References in periodicals archive ?
To meet the requirements of this request for proposals, the audit shall be performed in accordance with generally accepted auditing standards as set forth by the American Institute of Certified Public Accountants, the standards for financial audits set forth in the U.
The audits inspected were required to be conducted under generally accepted auditing standards issued by the AICPA, and not under PCAOB standards.
On September 1,2011, the AICPA issued a report, "Substantive Differences Between the International Standards on Auditing and Generally Accepted Auditing Standards [GAAS]," that analyzed the differences, labeled as "Requirements in the ISAs not in GAAS.
As part of its Clarity, the Auditing Standards Board has issued its third final SAS, Preface to Codification of Statements on Auditing Standards, Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards, and Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards.
Be the principal support for the auditor's representation that he or she followed generally accepted auditing standards (not just the standards of fieldwork) during the audit.
Smaller firms don't usually follow generally accepted auditing standards and this negatively affects the jobs," Sonenberg said.
Updating the definitions of generally accepted auditing standards and generally accepted accounting principles to reflect current standards-setting bodies and pronouncements.
Accordingly, they bring important insights to Generally Accepted Auditing Standards (GAAS).
Specifically, in the audit field, the accounting firm should place strong emphasis on each auditor's compliance with Generally Accepted Auditing Standards (GAAS) and the Code of Professional Conduct.
The process of conducting annual financial audits is reviewed by a public accounting firm to confirm that the methods and techniques being employed are effective and that the program follows generally accepted auditing standards applicable to the audit of Federal Reserve Banks.
In addition, he stated that definitions of internal control by the FCPA and the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) were based on a definition in the AICPA's generally accepted auditing standards.
Also recommended are reviews of the CPA's workpapers and any management letters issued in accordance with generally accepted auditing standards.

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