Generally Accepted Auditing Standards

Generally Accepted Auditing Standards (GAAS) are guidelines that auditors must follow to ensure that audits are conducted consistently and with integrity. These standards help ensure that financial statements are accurate and reliable. GAAS covers three main areas: the auditor's responsibilities, the quality of the audit work performed, and the reporting of audit findings. By adhering to these standards, auditors provide stakeholders—like investors and regulators—with confidence that the financial information they rely on is trustworthy and reflects the true financial position of an organization.