Sample Thesis Paper
The GAAP stresses that there is a need for periodic checks on the accounting procedures and policies being employed by businesses for regulatory purposes.
These checks are performed on the financial statements reported by the businesses and require an external party usually a trained GAAP regulatory professional to conduct theses checks and verify that the business is conforming and adhering to the rules and principles that are laid down in the Generally Accepted Accounting Principles by the American Institute of Certified Public Accountants. “A GAAP audit is simply a certified review of your organization’s financial standing by a certified public accountant (CPA) in accordance with generally-accepted accounting principles as determined by the American Institute of Certified Public Accountants” (Required Financial Documents FAQ, p1)
The GAAP provides that internal as well as external audits need to be carried out. The internal audits are usually ongoing and are performed by qualified professionals that are hired by the business or the company themselves.