Question

Which of the following best describes what is meant by the term "generally accepted auditing standards"?

A.Procedures used to gather evidence to support the accuracy of a client's financial statements.
B.Measures of the quality of an auditor's conduct.
C.Professional pronouncements issued by the Auditing Standards Board.
D.Rules acknowledged by the accounting profession because of their widespread application.

Answer 1

Generally Accepted Auditing Standards (GAAS) are professional pronouncements issued by the Auditing Standards Board that serve as guidelines for auditors to conduct their work and ensure the quality and integrity of the auditing process.

Step-by-step explanation:

Generally Accepted Auditing Standards (GAAS) refer to professional pronouncements issued by the Auditing Standards Board. These standards serve as guidelines for auditors to conduct their work and ensure the quality and integrity of the auditing process. They are widely acknowledged by the accounting profession for their widespread application.