Generally Accepted Auditing Standards definition
/What are 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, which is the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA).
The guidelines are broken down into general standards, fieldwork standards, and 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.
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