Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

GAAS

Read a random definition: debitor non praesumitur donare

A quick definition of GAAS:

Term: GAAS

Definition: GAAS stands for Generally Accepted Auditing Standards. These are the rules and guidelines that auditors follow when they are examining a company's financial statements. It helps to ensure that the audit is done correctly and that the financial information is accurate and reliable. Think of it like a set of rules that auditors have to follow to make sure they do their job well.

A more thorough explanation:

Definition: GAAS (gas) is an abbreviation for Generally Accepted Auditing Standards. These are a set of guidelines and rules that auditors follow when conducting audits of financial statements. The purpose of GAAS is to ensure that audits are conducted in a consistent and thorough manner, and that the resulting financial statements are reliable and accurate.

Examples: Some examples of GAAS include:

  • Independence: Auditors must be independent of the company being audited, meaning they have no financial or personal interest in the company's success or failure.
  • Adequate planning: Auditors must plan their audit work carefully, including identifying areas of risk and determining the appropriate audit procedures to use.
  • Evidence: Auditors must gather sufficient and appropriate evidence to support their conclusions about the financial statements.
  • Reporting: Auditors must issue a report on their findings, including any material weaknesses or deficiencies in the company's internal controls.

These examples illustrate how GAAS provides a framework for auditors to follow when conducting audits. By adhering to these standards, auditors can ensure that their work is consistent, thorough, and reliable, which helps to maintain the integrity of financial reporting.

GA | gabel

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.