GAGAS stands for Generally Accepted Government Auditing Standards, which are a set of professional standards for auditing government organizations and programs. The standards are developed by the Government Accountability Office (GAO) and apply to auditors who perform audits of government entities and programs. Here are some of the most important points you should be aware of regarding GAGAS:
- Scope of Application: GAGAS applies to auditors who perform audits of government entities and programs at the federal, state, and local levels, as well as nonprofit organizations that receive federal funding.
- Requirements: GAGAS establishes requirements for auditors related to their professional qualifications, independence, and objectivity, as well as the planning, conducting, and reporting of audit findings.
- Ethical Principles: GAGAS sets forth ethical principles that auditors must follow, including integrity, objectivity, professional competence, confidentiality, and professional behavior.
- Reporting Requirements: GAGAS requires auditors to provide written reports that include the scope of the audit, the auditor’s opinion or findings, and recommendations for corrective action.
- Quality Control: GAGAS requires that auditors establish and maintain a system of quality control to ensure that audits are conducted in accordance with professional standards and applicable laws and regulations.
- Continuing Education: GAGAS requires that auditors engage in continuing education to maintain their professional skills and knowledge.
- Peer Review: GAGAS requires that auditors undergo periodic peer reviews to ensure that their audit work meets professional standards.
Overall, GAGAS is an important set of standards that help ensure that government audits are conducted in an objective, independent, and professional manner. Compliance with GAGAS is essential for auditors who work with government entities and programs, and it is important for those who receive government funding to be aware of these standards when undergoing audits.
