GAAS stands for "generally accepted auditing standards." GAAS are the standards used to audit private companies' finances. These standards ensure that auditors' actions and reports are accurate, consistent and verifiable.
There are three categories of GAAS: general standards, standards of fieldwork and standards of reporting. GAAS are the minimum standards that must be adhered to during an audit and its reporting. The three general standards apply to how an auditor is qualified for the position. The three standards of fieldwork apply to how the auditor performs the audit, and the four standards of reporting concern information that an auditor must consider prior to issuing an audit report.