When independent CAs in public practice take engagements to audit governmental units or entities that receive financial assistance from governmental units,they must follow ________.

Question

Quizplus · Accepted Answer

When auditing governmental units or entities that receive financial assistance from governmental units, independent CAs in public practice must follow both GAAS and PS (Government Auditing Standards issued by the US Government Accountability Office). These standards provide guidance on the audit of government organizations, programs, activities, and functions to help ensure accountability and transparency in the use of public funds.

When Independent CAs in Public Practice Take Engagements to Audit