Professional Standards

Staff at RHR Smith & Company are members of the American Institue of Certified Public Accountants, and the Maine Society of Certified Public Accountants.

We follow Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS), as well as government auditing standards established by the Government Accounting Standards Board (GASB). We follow professional regulations and standards established by the AICPA, We also meet standards for Yellow Book and audits based on OMB Circular A-133 (for governments and nonprofits receiving federal funds) and regularly conduct audits to meet Maine Accounting and Audit Practices (MAAP) requirements.