GENERALLY ACCEPTED AUDITING STANDARDS Definition

Bookmark and Share

GENERALLY ACCEPTED AUDITING STANDARDS (GAAS), in the US, are the broad rules and guidelines set down by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). In carrying out work for a client, a certified public accountant would apply the generally accepted accounting principles (GAAP) if they fail to do so, they can be held to be in violation of the AICPAs code of professional ethics.

Learn new Accounting Terms

PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.

INVESTMENT MANAGER is an individual, firm, or committee responsible for making day-to-day decisions to buy, hold, or sell assets; also known as money managers.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.