Simple English definitions for legal terms
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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.
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.
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.