What Are Statements on Auditing Standards?
Statements on auditing standards are written guidelines provided by the American Institute of Certified Public Accountants (AICPA) to aid external auditors during the audit process. These statements reflect the proper application or guidance for applying generally accepted auditing standards (GAAS) to the audit cycles of non-public companies. Publicly held companies are subject to auditing guidelines provided by the Securities and Exchange Commission (SEC) and the Sarbanes-Oxley Act of 2002. Statements on auditing standards are usually abbreviated as “SAS,” followed by the number and title issued by the AICPA, which regularly publishes additional information or updates to these standards.
