As many governmental and NFP entities expend federal funds, they may also have to undergo financial statement audits in accordance with Generally Accepted Government Auditing Standards
(GAGAS) issued by the U.S.
We administered the survey from January 2011 to April 2011 in accordance with generally accepted government auditing standards
2 Who publishes the standards that apply to all Federal Government audits, or generally accepted government auditing standards
That reporting relationship provides organizational independence, which is what is called for by the Government Accountability Office's Generally Accepted Government Auditing Standards
. The independence standard reads, in part: "In all matters relating to the audit work, the audit organization and the individual auditor, whether government or public, should be free both in fact and appearance from personal, external, and organizational impairments to independence."
Specifically, as amended, auditors who only are involved in performing field work but not involved in planning, directing or reporting on the audit or attestation engagement, and who charge less than 20% annually of their time to audits and attestation engagements conducted under generally accepted government auditing standards
, are required to take 24 hours of training in each 2-year period in subjects and topics directly related to government auditing, the government environment or the specific or unique environment in which the audited entity operates but do not have to comply with the remainder of the 80-hour CPE requirement.
The same applies to audits subject to Generally Accepted Government Auditing Standards
The Government Auditing Standards requires a peer review to be completed--meaning a peer review report has been issued--within three years from the date a firm begins its first audit under generally accepted government auditing standards
. Audits of governmental units or nonprofit organizations expending $300,000 ($500,000 effective for fiscal years ending after Dec.
He had to spend one hour explaining the difference between Generally Accepted Auditing Standards (GAAS) and Generally Accepted Government Auditing Standards
(GAGAS) to the gentleman.
GAO performed this work from September 2011 to October 2011 in accordance with generally accepted government auditing standards
. GAO provided a draft of this report to USPS for comment and incorporated technical comments provided by USPS as appropriate.
This dual reporting model is similar to what the ASB adopted when auditing financial statements in accordance with generally accepted government auditing standards
(GAGAS, or the Yellow Book) and the international standards on auditing (ISAs).