A failure to follow generally accepted accounting principles and generally accepted auditing standards is proof of a lack of due diligence.

Question

A failure to follow generally accepted accounting principles and generally accepted auditing standards is proof of a lack of due diligence.​

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS) are the standards followed by accounting and auditing professionals. A failure to follow these standards can be seen as a lack of due diligence, as they are considered to be the accepted best practices in the industry.

A Failure to Follow Generally Accepted Accounting Principles and Generally