Case Study - Addendum Assignment INSTRUCTIONS As auditors, we are required to follow Generally Accepted Auditing Standards (GAAS) in the audits we conduct. Statements on Auditing Standards (SAS) established by the AICPA provide the authoritative audit guidance for audits of private companies and are the source for GAAS outlined within Section AU-C of the AICPA Professional Standards. Auditing Standards (AS) established by the PCAOB govern the audits of public companies or Issuers.