Certified public accountants must comply with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

Certified public accountants (CPAs) are required to follow generally accepted accounting principles (GAAP) when auditing, preparing financial statements, and other accounting services. GAAP is a set of accounting standards and principles used in the United States to ensure consistency and transparency in financial reporting. CPAs are also subject to ethical and professional standards set by their state licensing boards and professional organizations such as the American Institute of Certified Public Accountants (AICPA).

Certified Public Accountants Must Comply with Generally Accepted Accounting Principles