Generally Accepted Auditing Standards (GAAS)

Generally Accepted Auditing Standards (GAAS) are a set of guidelines that auditors follow to ensure their work is thorough, accurate, and reliable. These standards help maintain consistency and quality in the auditing process. GAAS includes standards related to the auditor's qualifications, the conduct of the audit itself, and the reporting of findings. By adhering to these standards, auditors provide assurance that financial statements are free of significant errors or fraud, which helps stakeholders like investors and regulators trust the financial information of an organization.