Accountants follow generally accepted auditing accounting standards and generally accepted accounting principles (GAAP). Distinguish between the GAAS and GAAP.

• What professional organization establishes the GAAS and what is its purpose?
• What professional organization establishes the GAAP?
• Can GAAS exist without GAAP and/or vice versa and why is this so?
• Do GAAS and GAAP have different agendas and why is each needed?