When independent CPAs in public practice take engagements to audit government units or financial assistance recipients,they must follow
A)GAAS only.
B)GAAS and GAGAS.
C)GAGAS only.
D)Internal auditing standards.

Question

Quizplus · Accepted Answer

Independent CPAs in public practice must follow both GAAS (Generally Accepted Auditing Standards) and GAGAS (Generally Accepted Government Auditing Standards) when auditing government units or financial assistance recipients. While GAAS provides a framework for auditing generally, GAGAS ensures that auditors adhere to specific standards and ethical principles when auditing entities that receive government funding or operate in the public sector. Therefore, both sets of standards are necessary to conduct a thorough and compliant audit of government units or financial assistance recipients.

When Independent CPAs in Public Practice Take Engagements to Audit