General Accepted Auditing Standards (GAAS)

Generally Accepted Auditing Standards (GAAS) are guidelines that auditors follow to ensure their work is thorough, objective, and reliable. These standards define the quality and integrity of the auditing process, emphasizing principles like competence, independence, planning, and the need for sufficient evidence. Essentially, GAAS helps ensure that financial statements are accurately prepared and free from material misstatements, providing confidence to users such as investors, creditors, and regulators that the financial information is trustworthy and compliant with laws and regulations.