However, in preparing the auditing standards, the board borrowed heavily from the GAAS. Publicly traded companies are governed by auditing standards developed by the Public Company Accounting Oversight Board. In the United States, GAAS are used to audit companies not listed on stock exchanges (non-public companies). The AICPA amends the standards from time to time, in line with developments in accounting and auditing, and issues Statements on Auditing Standards (SAS) that supersede some of the standards issued previously. They were first approved for adoption by the membership of the AICPA in 1972. The Generally Accepted Auditing Standards (GAAS) and codes were developed by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). Generally Accepted Auditing Standards (GAAS) Details
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