Generally Accepted Auditing Standards , or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board , a division of the American Institute of Certified Public Accountants (AICPA).
7-525: AU Section 150 states that there are ten standards: three general standards, three fieldwork standards, and four reporting standards. These standards are issued and clarified Statements of Accounting Standards , with the first issued in 1972 to replace previous guidance. Typically, the first number of the AU section refers to which standard applies. However, in 2012 the Clarity Project significantly revised
14-657: A non-public company and issuing a report . They are promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as " SAS " followed by their respective number and title. With the permission of the AICPA, the full text of Standards 1–101 has been posted on the website of
21-599: A project was begun to clarify and converge the standards with the International Standards in Auditing (ISAs). Many of the AU sections are being remapped as part of the Clarity Project. In October 2011, SAS 122 was issued which superseded all previous SASes except 51, 59, 65, 87, and 117-20. In the interim period, these new AU sections are referred to as AU-C until 2014. The AICPA provides a list of
28-683: Is the source of the most up-to-date information. The American Institute of Certified Public Accountants began codifying the Statements on Auditing standards semiannually in 1976. The Codification of Statements on Auditing Standards is generally issued in January, and the U.S. Auditing Standards is issued as part of the AICPA Professional Standards in June of each year. The current U.S. Auditing Standards are available at
35-1001: The Digital Accounting Collection at the J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below. SAS No. 122, Clarification and Recodification , contains the Preface to Codification of Statements on Auditing Standards, Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards , and 39 clarified SASs. This statement recodifies and supersedes all outstanding SASs through No. 121 except SAS No. 122 also withdraws SAS No. 26, Association With Financial Statements , as amended. The AICPA
42-862: The AU-C standards. International Standards on Auditing are stated by the International Auditing and Assurance Standards Board of the International Federation of Accountants . Derivatives of ISAs are used in the audit of several other jurisdictions, including the United Kingdom . Statements on Auditing Standards (United States) In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing
49-644: The standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards. In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes–Oxley Act ; however, it adopted many of the GAAS initially. The GAAS continues to apply to non-public/private companies. In 2004,
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