Generally Accepted Auditing Standards are developed by the Securities and Exchange Commission.

Question

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Generally Accepted Auditing Standards (GAAS) are developed by the American Institute of Certified Public Accountants (AICPA) and are not directly developed by the Securities and Exchange Commission (SEC). However, the SEC does have the authority to set requirements for public companies and their auditors in certain situations.

Generally Accepted Auditing Standards Are Developed by the Securities and Exchange