GAAS are applicable in each financial statement audit made by an independent auditor regardless of the entity's size, form of business organization, or type of industry.

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Generally Accepted Auditing Standards (GAAS) are a set of guidelines that auditors follow when conducting audits of companies' financial statements, ensuring consistency, accuracy, and fairness in the auditing process across all entities, regardless of their size, form of business organization, or industry type.

GAAS Are Applicable in Each Financial Statement Audit Made by an Independent