Introduction and Overview of Government Auditing Standards

This chapter offers guidance to auditors about the procedures to be performed and the reports that should be issued for audits of financial statements conducted in accordance with Government Auditing Standards issued by the Comptroller General of the United States of the Government Accountability Office (GAO). Government Auditing Standards contains requirements and guidance for financial audits, attestation engagements, and performance audits. The chapter addresses the Government Auditing Standards requirements and guidance for financial audits, generally only as they relate to audits of financial statements prepared in accordance with generally accepted accounting principles. The terminology found in Government Auditing Standards is consistent with the terminology found in the auditing sections of AICPA Professional Standards. Entities for which an auditor may need to apply Government Auditing Standards when auditing financial statements include federal, state, and local governments.