Which of the following is a True statement about the relationship between generally accepted government auditing standards (GAGAS) and generally accepted auditing standards (GAAS)?
A) GAGAS and GAAS provide standards for financial audits, attestation engagements, and performance audits.
B) GAGAS encompass GAAS and supplement certain GAAS.
C) GAAS encompass GAGAS and supplement certain GAGAS.
D) GAGAS are promulgated by the Government Accountability Office and GAAS are promulgated by the Governmental Accounting Standards Board.

Question

Quizplus · Accepted Answer

GAGAS, also known as Yellow Book standards, are more comprehensive and include all of GAAS (issued by the AICPA) plus additional standards and guidance for audits of government organizations, programs, activities, and functions.

Which of the Following Is a True Statement About the Relationship