What are Generally Accepted Auditing Standards (GAAS)? A set of standards and principles that ensures a company's audit conforms to set quality standards and meets the audit's objectives. The ...

The American Institute of CPAs’ Accounting and Review Services Committee has issued a new standard for accounting and review services as part of an effort to align its standards with both ...

The American Institute of CPAs’ Auditing Standards Board has issued an amendment to its auditing standards to clarify the format of the auditor’s report. SAS No. 131, Amendment to Statement on ...

DEBATE HAS RAGED FOR YEARS i n financial and accounting circles over issues of independence, auditing and accounting standards, and corporate governance. In the event of an auditing malfeasance trial, ...

The coronavirus pandemic has raised a number of questions about how to properly audit financial statements when internal controls have changed due to dramatic changes in an entity’s business volume ...

In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing ...

Navigating the world of business finances can sometimes feel like wading through an alphabet soup of acronyms, jargon, and inscrutable terminology. This is especially true when it comes to the ...

An auditor must make key decisions regarding what controls to trust, what controls to inspect and what weight to place on all the tests associated with auditing the financial practices of a company.