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The Generally Accepted Accounting Practices (GAAP) is a set of principles created through accounting practices that are used as a base standard for the industry. Usually US GAAP Audits are used in the United States, which is comparable to the International Financial Reporting Standards (IFRS) that are used in more than 180 countries. The basic objectives of the US GAAP Audit state that financial reports should include information that is:

  • Useful in assisting potential creditors, investors and other users in making rational investment, credit, and other financial decisions
  • Presentable to potential investors, creditors and other users in assessing the amounts, timing, and uncertainty of prospective cash receipts
  • Explanatory of economic resources, the claims to those resources, and the changes in them
  • Valuable for making financial decisions
  • Helpful in making long-term decisions
  • Constructive in improving the performance of the business
  • Practical in maintaining records

When US GAAP Audit compliance is required by a company operating in China, LehmanBrown can offer sophisticated and quality accounting, fully compliant with US Generally Accepted Accounting Principles, under guidance from the Public Company Accounting Oversight Board (PCAOB), AU150 standards, either for reporting services or to audit financial statements.

How can LehmanBrown Support with US GAAP Audit Services?

Our qualified accountants have a broad knowledge of the GAAP and determine, among other things, with confidence whether the accounting records are both accurate and complete. They will explain the similarities and variances across the US GAAP, IFRS and any other country’s GAAP that may be required. Their comprehensive knowledge of different regulations in the US GAAP Audit, inventories, deferred taxes, equity and ratios will ensure compliance and could lead to increased efficiency and profitability for the company.

To make an enquiry, please contact us at enquiries@lehmanbrown.com. To learn more about the US GAAP Audit Services and the related Compliance Services that LehmanBrown offer, please visit the relevant pages on our website.

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