Generally Accepted Auditing Standards

Generally Accepted Auditing Standards is a set of guidelines used by auditors to conduct an audit. These guidelines are promulgated by a national standard-setting body. The guidelines are broken down into the following categories:

• General standards
• Fieldwork standards
• Reporting standards

The guidelines address how an auditor is to conduct and report on his or her audit of a client's financial records and financial statements, including the types of opinions that can be rendered.