What We Do
GAAP, or Generally Accepted Accounting Principles, is a commonly recognized set of rules and procedures designed to govern corporate accounting and financial reporting in the United States (US). The US GAAP is a comprehensive set of accounting practices that were developed jointly by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), so they are applied to governmental and non-profit accounting as well.
Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.
If a corporation’s stock is publicly traded, its financial statements must adhere to rules established by the U.S. Securities and Exchange Commission (SEC). The SEC requires that publicly traded companies in the U.S. regularly file GAAP compliant financial statements in order to remain publicly listed on the stock exchanges.
GAAP compliance is ensured through an appropriate auditor’s opinion, resulting from an external audit by a certified public accounting (CPA) firm.
Our audit and assurance services can help organizations see deeper into their businesses. An audit is more than an obligation—it is a powerful lens for illuminating the current state of an enterprise, providing insight that can inform future aspirations.
Raghu Nath Rai & Co. (“RNR”) is one of the leading firms of Chartered Accountants in Northern India. Mr. Raghu Nath Rai established the firm in 1968.