ACCY161_Sp11_Notes17

ACCY161_Sp11_Notes17 - ACCY 161 Spring 201 Auditing...

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ACCY 161 – Spring 201 Auditing Governmental Entities and Some Nonprofit Entities– Chapter 12 ACCY161Sp1 _Notes17 Page 1 of 3 I. Class Notes II. GAAP Hierarchy Summary – See Page 499/439 1. Statements and Interpretations 2. Technical Bulletins and Industry Guides 3. Emerging Issues and Practice Bulletins 4. “Q’s and A’s” and industry practices III. Governmental Auditing Standards – GAGAS: Generally accepted government auditing standards set forth in the “ yellow book :” “The concept of accountability for public resources is key in our nation’s governing process and a critical element for a healthy democracy. Legislators, government officials, and the public want to know whether government services are being provided efficiently, effectively, economically , and in compliance with laws and regulations. They also want to know whether government programs are achieving their objectives and desired outcomes, and at what cost. Government managers are accountable to legislative bodies and the public for their activities and related results. Government auditing is a key element in fulfilling the government’s duty to be
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This note was uploaded on 10/25/2011 for the course ACCY 161 taught by Professor Staff during the Spring '08 term at CSU Sacramento.

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ACCY161_Sp11_Notes17 - ACCY 161 Spring 201 Auditing...

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