Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audit

Audit

The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, and energy conservation.- Accounting...

s are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory.

US GAAS

US GAAS are ten auditing standards, developed by the Auditing Standards Board of American Institute of Certified Public Accountants

General Standards

1. The auditor must have adequate technical training & proficiency to perform the audit.
2. The auditor must maintain independence (in fact and appearance) in mental attitude in all matters related to the audit.
3. The auditor must exercise due professional care during the performance of the audit and the preparation of the report. The auditor must diligently perform the audit and report any misleading statements in the report.

Standards of Field Work

1. The auditor must adequately plan the work and must properly supervise any assistants.
2. The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.
3. The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.

Standards of Reporting

1. The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles.
2. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
3. When the auditor determines that informative disclosures are not reasonably adequate, the auditor must so state in the auditor's report.
4. The auditor must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed, in the auditor's report. When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report.

ISAs

International Standards on Auditing

International Standards on Auditing

International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...

 are developed by the International Auditing and Assurance Standards Board

International Auditing and Assurance Standards Board

The International Auditing and Assurance Standards Board is the independent standard setting body which issue auditing, review, other assurance related services and quality control standards to be applied by the global auditing profession...

 of the International Federation of Accountants

International Federation of Accountants

International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...

. Derivatives of ISAs are used in the audit of several other jurisdictions, including the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

.

See also

• Statements on Auditing Standards
  Statements on Auditing Standards
  In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards in regards to auditing a non-public entity and issuing a report. They are promulgated by the Auditing Standards Board of the American Institute of Certified Public...
  
  
• INTOSAI standards for the audit of government entities, related to the International Standards on Auditing
  International Standards on Auditing
  International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
  
  
• Comptroller General (disambiguation), Director of Audit (disambiguation)