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Simple English definitions for legal terms

generally accepted auditing standards

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A quick definition of generally accepted auditing standards:

Generally Accepted Auditing Standards (GAAS) are guidelines created by the American Institute of Certified Public Accountants that outline the qualities a professional auditor should possess and the criteria they should use when examining financial statements. These standards help ensure that audits are conducted with integrity, objectivity, and due care, and that the resulting reports are accurate and reliable. In simpler terms, GAAS are rules that auditors follow to make sure they do their job well and provide trustworthy information about a company's finances.

A more thorough explanation:

Generally Accepted Auditing Standards (GAAS) are guidelines established by the American Institute of Certified Public Accountants (AICPA) that outline the professional qualities an auditor must possess and the criteria for conducting an audit and preparing reports.

These standards are used to ensure that audits are conducted with integrity, objectivity, and independence, and that the resulting reports are accurate and reliable.

  • 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 and supervision: Auditors must plan their work and supervise their staff to ensure that the audit is conducted in a thorough and efficient manner.
  • Evidence: Auditors must gather sufficient and appropriate evidence to support their findings and conclusions.
  • Reporting: Auditors must prepare a report that accurately reflects their findings and conclusions, and that complies with all relevant reporting requirements.

These examples illustrate how GAAS provide a framework for auditors to conduct their work in a professional and ethical manner, and to produce reports that are useful to stakeholders in making informed decisions about the company being audited.

generally accepted accounting principles | general malice

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Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
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There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
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