![]() ![]() With this in mind, the ASB and Security Exchange Commission (SEC) requires all the public and private firms to undergo the audit process, and the result should be GAAS-compliant. However, the final reports are required to be compliant with auditing standards (GAAS). The financial statements of each business will differ greatly, based on the diversity in operations. Why Need It?Īll the public and private companies are required to be reviewed and audited by external auditors. These rules were intended to guarantee a particular norm of consistency, exactness, and responsibility across any auditor's survey and coming about reports. These inspecting guidelines were made by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA). GAAS is the most acknowledged set of rules and standards across the world of accounting and auditing. Excited to know? Great! Walk with us to know more! What are the Generally Accepted Auditing Standards (GAAS)? Different businesses should learn about these standards since they come in three different categories. These standards' sole purpose is to ensure consistency, accuracy, and accountability across the audit report. GAAS are created by the Auditing Standard Board (ASB). These standards and guidelines are termed Generally Accepted Auditing Standards (GAAS). When the auditor reviews any company's financial data, the final statement should be according to some set standards and guidelines. ![]() All the concerned parties should accept the final report. ![]() The auditor's reports and reviews are held in high respect by public and private companies. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |