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Simple English definitions for legal terms

GAAS

Read a random definition: objective meaning

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

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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