Generally Accepted Auditing Standards (GAAS) are a set of guidelines that auditors follow to ensure the quality and consistency of their work. These standards help auditors conduct their assessments in a systematic manner, ensuring that financial statements are accurate and reliable. GAAS covers three main areas: general standards, fieldwork standards, and reporting standards. The purpose of GAAS is to enhance the credibility of financial reporting and provide assurance to stakeholders, such as investors and regulators. By adhering to these standards, auditors can effectively evaluate the financial health of an organization and identify any potential issues that may need attention.