GASAE

AcronymDefinition
GASAEGenerally Accepted Standards for Attestation Engagements (finance)
References in periodicals archive ?
The new law reflects the AICPA's recommendations for preserving the establishment of GAAP and GAAS in the private sector; limiting the scope of required management and auditors' reports on internal controls to those over the financial reporting process (rather than the universe of a bank's operations); requiring the use of generally accepted standards for attestation engagements (GASAE) for auditors' reports on internal control and compliance with specified laws and regulations.
Using generally accepted standards for attestation engagements (GASAE), the independent accountant must report separately on management's assertions about the institution's (1) internal control structure over financial reporting and (2) compliance with specified laws and regulations using agreed-upon procedures.