Government Auditing Standards 2002 Revision: Exposure Draft
Jeffrey C. Steinhoff
DIANE Publishing, 2001 - Business & Economics - 131 pages
Proposed changes to the GAO Gov't. Audit Standards (the "yellow book.") These changes propose revision throughout the entire set of standards except for the 2nd general standard, independence, which is being revised separately. These revisions fall into 3 categories: GAGAS framework, consistent application of the standards where applicable to the various types of audits, and strengthening or streamlining the standards. Chapters: types of gov't. audits and attestation engagements (AE); general standards; field work standards, and reporting standards for financial audits and performance audits; and general, field work, and reporting standards for AE.
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accepted accounting principles accepted government auditing accordance with GAGAS additional reporting standard AICPA standards AICPA's Statements applicable standard appropriate assessing attestation engagements performed attestation standards audit documentation audit findings audit objectives audit organization audit report audit risk audited entity auditors performing auditors should report audits and attestation Certified Public Accountants chapter competent compliance with laws computer security conducted control over financial criteria effect engagement letter ensure entity's evaluation field work standards financial reporting financial statements findings and recommendations fraud and illegal fraud or illegal GAGAS require government auditing standards grant agreements guidance help auditors identified internal control law or regulation laws and regulations methodology noncompliance paragraphs performance audits performed in accordance professional judgment provide reasonable assurance Public Accountants quality control report users require auditors responsible officials safeguarding of assets scope significant findings Single Audit specific staff standards for attestation subject matter sufficient validity and reliability
Page 58 - Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report. 4. The report shall either contain an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed.
Page 45 - Audits conducted under the Chief Financial Officers Act of 1990, as expanded by the Government Management Reform Act of 1994, also have specific audit requirements prescribed by OMB in the areas of compliance and internal control.
Page 58 - The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles. 2. The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
Page 112 - Auditors should be alert to situations or transactions that could be indicative of fraud, abuse, or illegal acts with respect to the program. If such evidence exists, auditors should forward this evidence to MMS. The MMS will contact the appropriate Federal law enforcement agencies. The scope of examinations are to be governed by the principle of a justifiable relationship between...
Page 72 - A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.
Page 124 - ... and others, as may be appropriate. Including the views of responsible officials produces a report that shows not only what was found and what the auditors think about it but also what the responsible persons think about it and what they plan to...
Page 52 - ... transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the...
Page 42 - Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under examination.
Page 64 - ... they were computed. (5) Information to provide proper perspective for judging the prevalence and consequences of the audit findings, such as whether the audit findings represent an isolated instance or a systemic problem. Where appropriate, instances identified shall be related to the universe and the number of cases examined and be quantified in terms of dollar value. (6) The possible asserted effect to provide sufficient information to the auditee and Federal agency, or passthrough entity in...