Government Auditing Standards: January 2007 Revision (31-JAN-07, 
GAO-07-162G).							 
                                                                 
This is the Government Auditing Standards 2007 version. This	 
document outlines standards that contain requirements for auditor
reporting on internal control. This revision supersedes the 2003 
revision.							 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-162G					        
    ACCNO:   A65464						        
  TITLE:     Government Auditing Standards: January 2007 Revision     
     DATE:   01/31/2007 
  SUBJECT:   Auditing procedures				 
	     Auditing standards 				 
	     Cost accounting					 
	     Federal advisory bodies				 
	     Federal agencies					 
	     Internal auditors					 
	     Internal audits					 
	     Standards evaluation				 
	     Yellow Book					 

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GAO-07-162G

   

     * [1]Government Auditing Standards

          * [2]January 2007

               * [3]Letter 1

                    * [4]Chapter 1 Use and Application of GAGAS
                    * [5]Chapter 2 Ethical Principles in Government Auditing
                    * [6]Chapter 3 General Standards
                    * [7]Chapter 4 Field Work Standards for Financial Audits
                    * [8]Chapter 5 Reporting Standards for Financial Audits
                    * [9]Chapter 6 General, Field Work, and Reporting
                      Standards for Attestation Engagements
                    * [10]Chapter 7 Field Work Standards for Performance
                      Audits
                    * [11]Chapter 8 Reporting Standards for Performance
                      Audits

                         * [12]Appendixes

                              * [13]Appendix I: Supplemental Guidance 168
                              * [14]Appendix II: Comptroller General's
                                Advisory Council on Government Auditing
                                Standards 188

                    * [15]Index

     * [16]Use and Application of GAGAS

          * [17]Introduction
          * [18]Purpose and Applicability of GAGAS
          * [19]Use of Terminology to Define Professional Requirements in
            GAGAS
          * [20]Stating Compliance with GAGAS in the Auditors' Report
          * [21]Relationship between GAGAS and Other Professional Standards
          * [22]Types of GAGAS Audits and Attestation Engagements

               * [23]Financial Audits
               * [24]Attestation Engagements
               * [25]Performance Audits
               * [26]Professional Services Other Than Audits (Nonaudit
                 Services) Provided by Audit Organizations

     * [27]Ethical Principles in Government Auditing

          * [28]Introduction
          * [29]Ethical Principles

               * [30]The Public Interest
               * [31]Integrity
               * [32]Objectivity
               * [33]Proper Use of Government Information, Resources, and
                 Position
               * [34]Professional Behavior

     * [35]General Standards

          * [36]Introduction
          * [37]Independence

               * [38]Personal Impairments
               * [39]External Impairments
               * [40]Organizational Independence

                    * [41]Organizational Independence for External Audit
                      Organizations
                    * [42]Organizational Independence for Internal Audit
                      Functions
                    * [43]Organizational Independence When Performing
                      Nonaudit Services

                         * [44]Overarching Independence Principles
                         * [45]Types of Nonaudit Services
                         * [46]Nonaudit Services That Do Not Impair Auditor
                           Independence
                         * [47]Nonaudit Services That Would Not Impair
                           Independence if Supplemental Safeguards Are
                           Implemented
                         * [48]Nonaudit Services That Impair Independence
                         * [49]Supplemental Safeguards for Maintaining
                           Auditor Independence When Performing Nonaudit
                           Services

          * [50]Professional Judgment
          * [51]Competence

               * [52]Technical Knowledge and Competence
               * [53]Additional Qualifications for Financial Audits and
                 Attestation Engagements
               * [54]Continuing Professional Education
               * [55]Quality Control and Assurance

     * [56]Field Work Standards for Financial Audits

          * [57]Introduction
          * [58]AICPA Field Work Standards
          * [59]Additional Government Auditing Standards

               * [60]Auditor Communication During Planning
               * [61]Previous Audits and Attestation Engagements
               * [62]Detecting Material Misstatements Resulting from
                 Violations of Contract Provisions or Grant Agreements, or
                 from Abuse
               * [63]Developing Elements of a Finding
               * [64]Audit Documentation

          * [65]Additional Considerations for GAGAS Financial Audits

               * [66]Materiality in GAGAS Financial Audits
               * [67]Consideration of Fraud and Illegal Acts
               * [68]Ongoing Investigations or Legal Proceedings

     * [69]Reporting Standards for Financial Audits

          * [70]Introduction
          * [71]AICPA Reporting Standards
          * [72]Additional Government Auditing Standards

               * [73]Reporting Auditors' Compliance with GAGAS
               * [74]Reporting on Internal Control and Compliance with Laws,
                 Regulations, and Provisions of Contracts or Grant Agreements
               * [75]Reporting Deficiencies in Internal Control, Fraud,
                 Illegal Acts, Violations of Provisions of Contracts or Grant
                 Agreements, and Abuse

                    * [76]Deficiencies in Internal Control
                    * [77]Fraud, Illegal Acts, Violations of Provisions of
                      Contracts or Grant Agreements, and Abuse
                    * [78]Reporting Findings Directly to Parties Outside the
                      Audited Entity
                    * [79]Presenting Findings in the Auditors' Report

               * [80]Communicating Significant Matters in the Auditors'
                 Report
               * [81]Reporting on Restatement of Previously-Issued Financial
                 Statements

                    * [82]Evaluate the Timeliness and Appropriateness of
                      Management's Disclosure and Actions to Determine and
                      Correct Misstatements in Previously-issued Financial
                      Statements
                    * [83]Report on Restated Financial Statements
                    * [84]Report Directly to Appropriate Officials when the
                      Audited Entity Does Not Take the Necessary Steps

               * [85]Reporting Views of Responsible Officials
               * [86]Reporting Confidential or Sensitive Information
               * [87]Distributing Reports

     * [88]General, Field Work, and Reporting Standards for Attestation
       Engagements

          * [89]Introduction
          * [90]AICPA General and Field Work Standards for Attestation
            Engagements
          * [91]Additional Government Auditing Standards

               * [92]Auditor Communication During Planning
               * [93]Previous Audits and Attestation Engagements
               * [94]Internal Control
               * [95]Fraud, Illegal Acts, Violations of Provisions of
                 Contracts or Grant Agreements, or Abuse That Could Have a
                 Material Effect on the Subject Matter
               * [96]Developing Elements of a Finding
               * [97]Documentation

          * [98]Additional Considerations for GAGAS Attestation Engagements

               * [99]Materiality in GAGAS Attestation Engagements
               * [100]Ongoing Investigations or Legal Proceedings

          * [101]AICPA Reporting Standards for Attestation Engagements
          * [102]Additional Government Auditing Standards

               * [103]Reporting Auditors' Compliance with GAGAS
               * [104]Reporting Deficiencies in Internal Control, Fraud,
                 Illegal Acts, Violations of Provisions of Contracts or Grant
                 Agreements, and Abuse

                    * [105]Deficiencies in Internal Control
                    * [106]Fraud, Illegal Acts, Violations of Provisions of
                      Contracts or Grant Agreements, and Abuse
                    * [107]Reporting Findings Directly to Parties Outside the
                      Entity
                    * [108]Presenting Findings in the Auditors' Report

               * [109]Reporting Views of Responsible Officials
               * [110]Reporting Confidential or Sensitive Information
               * [111]Distributing Reports

     * [112]Field Work Standards for Performance Audits

          * [113]Introduction
          * [114]Reasonable Assurance
          * [115]Significance in a Performance Audit
          * [116]Audit Risk
          * [117]Planning

               * [118]Nature and Profile of the Program and User Needs
               * [119]Internal Control
               * [120]Information Systems Controls
               * [121]Legal and Regulatory Requirements, Contract Provisions
                 or Grant Agreements, Fraud, or Abuse

                    * [122]Legal and Regulatory Requirements, Contracts, and
                      Grants
                    * [123]Fraud
                    * [124]Abuse
                    * [125]Ongoing Investigations or Legal Proceedings

               * [126]Previous Audits and Attestation Engagements
               * [127]Identifying Audit Criteria
               * [128]Identifying Sources of Evidence and the Amount and Type
                 of Evidence Required
               * [129]Using the Work of Others
               * [130]Assigning Staff and Other Resources
               * [131]Communicating with Management, Those Charged with
                 Governance, and Others
               * [132]Preparing the Audit Plan

          * [133]Supervision
          * [134]Obtaining Sufficient, Appropriate Evidence

               * [135]Appropriateness
               * [136]Sufficiency
               * [137]Overall Assessment of Evidence
               * [138]Developing Elements of a Finding

          * [139]Audit Documentation

     * [140]Reporting Standards for Performance Audits

          * [141]Introduction
          * [142]Reporting
          * [143]Report Contents

               * [144]Objectives, Scope, and Methodology
               * [145]Reporting Findings

                    * [146]Deficiencies in Internal Control
                    * [147]Fraud, Illegal Acts, Violations of Provisions of
                      Contracts or Grant Agreements, and Abuse
                    * [148]Reporting Findings Directly to Parties Outside the
                      Audited Entity

               * [149]Conclusions
               * [150]Recommendations
               * [151]Reporting Auditors' Compliance with GAGAS
               * [152]Reporting Views of Responsible Officials
               * [153]Reporting Confidential or Sensitive Information

          * [154]Distributing Reports

     * [155]Supplemental Guidance

          * [156]Introduction
          * [157]Overall Supplemental Guidance

               * [158]Examples of Deficiencies in Internal Control
               * [159]Examples of Abuse
               * [160]Examples of Indicators of Fraud Risk
               * [161]Determining Whether Laws, Regulations, or Provisions of
                 Contracts or Grant Agreements Are Significant within the
                 Context of the Audit Objectives

          * [162]Information to Accompany Chapter 1

               * [163]Laws, Regulations, and Guidelines that Require Use of
                 GAGAS
               * [164]The Role of Those Charged with Governance in
                 Accountability
               * [165]Management's Role in Accountability

          * [166]Information to Accompany Chapter 3

               * [167]Nonaudit Services

          * [168]Information to Accompany Chapter 7

               * [169]Types of Evidence
               * [170]Appropriateness of Evidence in Relation to the Audit
                 Objectives

          * [171]Information to Accompany Chapter 8

               * [172]Report Quality Elements

     * [173]Comptroller General's Advisory Council on Government Auditing
       Standards

          * [174]Advisory Council Members
          * [175]GAO Project Team

     * [176]Index

*** End of document. ***