Marcus Halloran

GAAP sets accounting rules; GAAS sets the standards auditors follow to verify them.

The opinion moves to the front, but the real compliance work happens in the structural overhaul.

GAAP compliance doesn't equal audit readiness, and the gap costs companies dearly.

Design flaws and execution gaps require different testing methods to catch reliably.

Weak controls force auditors to expand testing, driving up audit scope and fees.

Audits typically take three to six months, but preparation must start sixty to ninety days earlier.