Generally Accepted Auditing Standards (or GAAS)

Definition:

A set of standards against which audits are judged and which most audit firms will endeavor to meet. Although these standards vary by jurisdiction, the term GAAS typically refers to the US GAAS, which refer to 10 specific standards developed by the US Auditing Standards Board of the American Institute of Certified Public Accountants.

Audits of any financial statements included in SEC filings must be done in accordance with PCAOB standards or in the case of non-issuers (usually target companies) US GAAS.

Return to Glossary