Distinguish Between Generally Accepted Auditing Standards (GAAS)and Generally Accepted Accounting

question 5

Essay

Distinguish between generally accepted auditing standards (GAAS)and generally accepted accounting principles (GAAP).What professional organization establishes GAAS?
What professional organization establishes GAAP?

---

Definitions:

Holding Costs

Expenses related to storing unsold goods or materials, including warehousing, insurance, and deterioration, a component of carrying costs.

Overtime

Additional time worked beyond the standard hours, often compensated at a higher pay rate.

Workforce Expansion

The process of increasing the number of employees within an organization to meet business needs.

LEAN

A systematic approach to minimizing waste within a manufacturing system without sacrificing productivity.