Keyword Analysis & Research: gaap vs gaas

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Frequently Asked Questions

What is the difference between GAAP & GaAs auditing?

The Securities and Exchange Commission (SEC) requires that the financial statements of public companies are examined by external, independent auditors. 1  While GAAP outlines the accounting standards that companies must follow, GAAS provides the auditing standards that auditors must follow.

What does GaAs stand for?

Generally Accepted Auditing Standards (GAAS) What Are Generally Accepted Auditing Standards (GAAS)? Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies' financial records, ensuring the accuracy, consistency, and verifiability of auditors' actions and reports.

What is GAAP and how does it work?

• GAAP are generally accepted accounting principles that are a set of guidelines for the companies to help them in preparing financial statements according to a standard.

What is the difference between GaAs and FASB?

GAAS auditing measures are governed by the Financial Accounting Standards Board (FASB), while the Governmental Accounting Standards Board defines standards for state and local government organizations, and the Federal Accounting Standards Advisory Board regulates the financial reporting standards for federal government agencies.

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