Ask Joey ™ a Question

What is the difference between GAAS and SAS?

It is important to understand that GAAS (generally accepted auditing standards) provides the general standards that are applicable to ANY audit engagements. However, depending on whether the company being audited is public (issuer) or private (nonissuer), there are specific sets of standards under GAAS that must be followed. Basically, the PCAOB standards and SAS are refinements of GAAS.

PCAOB: For public companies, PCAOB auditing standards must be followed. PCAOB auditing standards are set by the PCAOB and summarize the specific rules under GAAS that must be followed.

SAS: For private companies, SAS (statements on auditing standards must be followed. SAS is set by the AICPA and summarize the specific rules under GAAS that must be followed.

There are plenty of similarities between SAS and PCAOB standards, but there are also a number of differences.


You might also be interested in...

  • July 2021 Changes to The CPA Exam: Everything You Need to Know

    Change is right around the corner! The talk of the (CPA) town is that changes are upon us and they are coming quickly. While this is not an overhaul in the way that CPA evolution will be in 2024, there are changes that are being made to all four sections (FAR, REG, AUD, and BEC) […]

  • 2021 AICPA Released Questions

    Buckle up and get ready to crush the CPA exam! The AICPA has released additional multiple choice questions for BEC, AUD, REG, and FAR. We’re beginning to incorporate the questions into the Universal CPA Review platform and we will be uploading videos for certain questions to each of the respective pages below. Creating a high […]

  • AICPA 2021 Released Questions for BEC

    The moment we’ve all been waiting for! Additional question have been released by the AICPA for BEC! The topics are very random, so its a good way to test your understanding if you have been studying. If you haven’t been studying for BEC, it is a great way to see what you will be touching […]