Government financial audits are subject only to GAGAS.

Question

Quizplus · Accepted Answer

Governmental units and many not-for-profit organizations are subject to Government Auditing Standards which are issued by the U.S. Government Accountability office GAO in addition to the Statements on Auditing Standards, issued by the American Institute of Certified Public Accountants AICPA. The standards issued by the AICPA are known as GAAS Generally Accepted Auditing Standards and the standards issued by the GAO are known as GAGAS Generally accepted Government Auditing Standards.

Government Financial Audits Are Subject Only to GAGAS