Auditors review a company's financial records and accounting practices to ensure that they're consistent and comply with GAAP. TheSecurities and Exchange Commission (SEC)requires that the financial statements of public companies be examined by external, independent auditors.2 While GAAP outlines the ac...
Both GAAP and GAAS are extremely crucial to the accounting world. GAAP helps prepare the financial statements, while GAAS helps verify those. We can say that these two concepts complement each other. This is because if a company strictly follows the GAAP for its financial statements, then it b...