Who publishes the Generally Accepted Government Auditing Standards (GAGAS)?

Who publishes the Generally Accepted Government Auditing Standards (GAGAS)?

• A. FASAB
• B. GAO
• C. FASB
• D. GASB

Answer: (B)

GAO—the Government Accountability Office—publishes the Generally Accepted Government Auditing Standards (GAGAS). These standards, often called the Yellow Book, provide the framework for audits of government programs and operations, including performance audits and financial audits. They establish requirements for independence, professional judgment, competency, quality control, audit planning, evidence, and reporting. The other organizations set different types of standards: FASAB develops standards for federal financial reporting, FASB establishes private-sector accounting standards (GAAP), and GASB sets accounting and financial reporting standards for state and local governments.

GAO—the Government Accountability Office—publishes the Generally Accepted Government Auditing Standards (GAGAS). These standards, often called the Yellow Book, provide the framework for audits of government programs and operations, including performance audits and financial audits. They establish requirements for independence, professional judgment, competency, quality control, audit planning, evidence, and reporting. The other organizations set different types of standards: FASAB develops standards for federal financial reporting, FASB establishes private-sector accounting standards (GAAP), and GASB sets accounting and financial reporting standards for state and local governments.