【文章內(nèi)容簡介】 drawing conclusions about evidence ? The external auditor is not sharing responsibility for the audit with IA 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 13 Independence ? Internal Auditors ? Organizationally independent ? Report to High level officer and Audit Committee ? Governmental Auditors ? GAO anizationally independent ? Sometimes hampered by Congress 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 14 Governmental Auditors ? GAO – General Accounting Office ? Accounting, Auditing and investigation agency ? Reports to Congress ? Audits all federal departments/agencies ? External Auditors ? Audit state/local governments ? Audit anizations that receive federal assistance 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 15 Generally Accepted Government Auditing Standards (GAGAS) ? Includes GAAS and GAGAS ? Government Auditing Standards (“Yellow Book”) ? Single Audit Act of 1984 ? OMB Circulars ? Failure to follow GAAS and GAGAS is an act discreditable 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 16 Governmental Financial Auditing The primary source of authoritative literature for performance of government audits is Government Auditing Standards, which is issued by the GAO. Because of the color of the cover, it is usually referred to as the “Yellow Book.” 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 17 Governmental Financial Auditing The Yellow Book standards are often called generally accepted government auditing standards (GAGAS or GAS). 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 18 GAAS Audit of a Governmental Entity ? Financial Statement Audits ? F/S fairly presented with GAAP ? Compliance with laws and regulations ? Internal control over financial reporting ? Performance Audits ? Economy and efficient use of resources ? Program audits effectiveness of programs 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 19 Audit and Reporting – Single Audit Act and OMB Circular A133 The threshold for requiring a single audit was raised from $100,000 to $300,000 to exempt many smaller entities from single audit requirements. 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 20 Audit and Reporting – Single Audit Act and OMB Circular A133 A riskbased approach is to be used in selecting programs for testing. Statutory coverage of the single audit was extended to notforprofit anizations as well as to state and local governments. 169。2023 Prentice Hall Business Publishing, Auditing and Assurance Services 9/e, Arens/Elder/Beasley 25 21 Audit Requirements The audit should be in accordance with generally accepted government auditing standards (GAGAS). The auditor must obtain an understanding of internal control over federal programs sufficient to support a low assessed level of control risk for major programs. 169。2023 Prentice Hall B