基本介紹
- 外文名：Generally Accepted Auditing Standards(GAAS)
- 英文簡稱：GGAS
- 性質：執行標準
- 所處國家：英國
What Does Generally Accepted Auditing Standards - GAASMean?
Aset of systematic guidelines used by auditors when conducting audits oncompanies' finances, ensuring the accuracy, consistency andverifiability of auditors' actions and reports.
Investopedia explains Generally Accepted Auditing Standards - GAAS
Byrelying on GAAS, auditors can minimize the probability of missingmaterial information. GAAS are divided into these main sections:
1) General standards.
a.Auditor must have adequate tehnical training and proficiency.
b.Auditor must maintain independence in all matters.
c.Auditor must exercise due professional care in performing the audit.
2) Standards of fieldwork.
a.Auditor must obtain a sufficient understanding of the entity.
b.Auditor must adequately plan the audit and supervise any assistants.
c.Auditor must obtain a sufficient appropriate audit evidence.
3) Standards of reporting.
Eachsection is littered with requirements that the auditor and the subjectcompany must meet. In short, an auditor must adequately plan the auditin advance, be independent of the client at all times, and alwaysobtain reliable evidence. The companies must present their financialstatements in accordance with GAAP, remain consistent in theirreporting, and explicitly disclose all pertinent information.
