Governmental audit

Governmental audit - Governmental audit Click to edit...

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Click to edit Master subtitle style 8/22/11 Governmental audit
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8/22/11 Governmental audit Federal and state governments employ their own auditing staff Government Accountability Office (GAO) Agency in the legislative branch of the federal government Headed by Comptroller General Reports solely to Congress
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8/22/11 Governmental audit* Financial governmental audits more expanded than F/S audits Financial statements of governmental units Government contracts and grants Internal controls Fraud Compliance with laws and regulations
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8/22/11 Auditing standards Government auditing standards Issued by GAO Also called “Yellow book” More detailed than GAAS Include additional standards for performance audits – Generally accepted government auditing standards (GAGAS)
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8/22/11 Auditing standards Government standards include the requirements by GAAS plus the following differences: (more risk adverse) Materiality and significance In government audits the thresholds of acceptable AR and materiality are lower – public accountability of government projects Quality control – make sure taxpayer
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This note was uploaded on 08/22/2011 for the course ACIS 3414 taught by Professor Yardley during the Spring '08 term at Virginia Tech.

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Governmental audit - Governmental audit Click to edit...

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