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Government Auditing Standards

Course materials	CPE hours	Cost
Online materials	10	$50

Learning Objective:

The learning objective of this course is to review the standards used by auditors of government entities and entities that receive government awards and audit organizations performing GAGAS audits and attestation engagements.

GAGAS contain requirements and guidance dealing with ethics, independence, auditors' professional competence and judgment, quality control, the performance of field work, and reporting.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and Online study

Recommended hours: 10

Summary of Contents:

Government Auditing Standards

Use and application of GAGAS
Ethical principles in Government Auditing
General Standards
Field work standards for financial audits
Reporting standards for financial audits
General, field work, and reporting standards for attestation engagements
Field work standards for performance audits
Inventory
Reporting standards for performance audits
Supplemental guidance

Lesson and Objectives	Reading Assignment
Government Auditing Standards
1. Use and application of GAGAS	Chapter 1
The learning objectives for this lesson are to gain an understanding of: Purpose and applicability of GAGAS Use of terminology to define professional requirements in GAGAS Relationship between GAGAS and other professional standards Types of GAGAS audits and attestation engagements
2. Ethical principles in Government Auditing	Chapter 2
The learning objectives for this lesson are to gain an understanding of: The auditor's ethical responsibilities in government engagements How new independence standards affect auditors What affects an auditor's personal, external and organizational independence
3. General Standards	Chapter 2
The learning objectives for this lesson are to gain an understanding of: Independence Professional judgment Competence Quality control and assurance
4. Field work standards for financial audits	Chapter 3
The learning objectives for this lesson are to gain an understanding of: AICPA field work standards Additional government auditing standards Additional considerations for GAGAS financial audits
5. Reporting standards for financial audits	Chapter 4
The learning objectives for this lesson are to gain an understanding of: AICPA reporting standards Additional government auditing standards
6. General, field work, and reporting standards for attestation engagements	Chapter 5
The learning objectives for this lesson are to gain an understanding of: AICPA general and field work standards for attestation engagements Additional government auditing standards Additional considerations for GAGAS attestation engagements AICPA reporting standards for attestation engagements Additional government auditing standards
7. Field work standards for performance audits	Chapter 6
The learning objectives for this lesson are to gain an understanding of: Reasonable assurance Significance in a performance audit Audit risk Planning Supervision Obtaining sufficient, appropriate evidence Audit documentation
7. Inventory	Chapter 7
The learning objectives for this lesson are to gain an understanding of: Perspective and issues Definitions of terms Ownership of goods Accounting for inventories Valuations of inventories Differences between GAAP and income tax accounting for inventories
8. Reporting standards for performance audits	Chapter 8
The learning objectives for this lesson are to gain an understanding of: Reporting Report contents Distributing reports
9. Supplemental guidance	Appendixes
The learning objectives for this lesson are to gain an understanding of: Supplemental guidance Comptroller General's Advisory Council on Government Auditing Standards GAO Project team

Sample Exam Questions:

1. When defining professional requirements in GAGAS

a. Every paragraph of GAGAS carries a professional requirement that auditors and audit organizations are expected to fulfill.

b. Auditors may depart from an unconditional requirement provided they document their justification for the departure.

c. Auditors have the responsibility to consider the entire text of GAGAS in carrying out their work.

d. Explanatory material is intended to be required rather than descriptive.

2. Which of the following conditions is considered an external impairment?

a. Preconceived ideas toward individuals of a particular program that could bias the audit.

b. Biases from political ideology.

c. Unreasonable restrictions on the time allowed to complete an audit.

d. Financial interest that is direct.

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