Generally Accepted Principles And Practices (GAPP)
Candlefocus EditorThe Generally Accepted Principles and Practices (GAPP) were introduced in 1993 and have become widely accepted norms for certifying professional work. The set of standards provide a framework for proficiency and quality assurance when performing assurance, consulting, financial management, and accounting services. In particular, the GAPP provide guidance on accounting reporting and assurance, ethical principles, consulting, internal control, and other topics.
The GAPP primarily govern four main aspects of a business – financial reporting, assurance services, consulting and internal control. Along with an introduction to IMA's general principles and professional standards, they are designed to ensure the accuracy and reliability of financial reports, assist in the production of high quality and ethical work, ensure that services are provided competently, and recommend proactive and effective internal controls. In addition to these main topics, GAPP also includes guidance on a wide range of topics including communication, business continuity, audit, compliance, and risk management.
The GAPP is based on seven core values that are the foundation of all professional services – independence, objectivity, integrity, competence, fairness, colleague relationships, and commitment to compliance. Additionally, the GAPP summarizes accepted accounting principles and provides professional guidance on the professional practice of management consulting, financial management and assurance services.
The GAPP serves as a benchmark for practicing professional services and helps to ensure that services are provided competently and ethically. It also provides guidance for organizations and businesses on accounting, auditing, and consulting. In addition, organizations that abide by the GAPP have greater protection against legal, regulatory and financial liabilities.
Overall, the GAPP is an important set of standards that organization, businesses and professional individuals should adhere to. By adhering to the GAPP, organizations increase their chances of succeeding and maintain high quality professional work. Organizations that follow the Standards also demonstrate their commitment to the highest standards of ethical conduct and professionalism.