Government Auditing Standards: July 2007 Revision (02-JUL-07,	 
GAO-07-731G).							 
                                                                 
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-07-731G					        
    ACCNO:   A73548						        
  TITLE:     Government Auditing Standards: July 2007 Revision	      
     DATE:   07/02/2007 
  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-07-731G

   

     * [1]By the Comptroller General of the United States

          * [2]July 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 174

                    * [14]Index

                         * [15]Abbreviations

     * [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]System of Quality Control
               * [57]External Peer Review

     * [58]Field Work Standards for Financial Audits

          * [59]Introduction
          * [60]AICPA Field Work Standards
          * [61]Additional Government Auditing Standards

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

          * [67]Additional Considerations for GAGAS Financial Audits

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

     * [71]Reporting Standards for Financial Audits

          * [72]Introduction
          * [73]AICPA Reporting Standards
          * [74]Additional Government Auditing Standards

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

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

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

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

               * [87]Reporting Views of Responsible Officials
               * [88]Reporting Confidential or Sensitive Information
               * [89]Distributing Reports

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

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

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

          * [100]Additional Considerations for GAGAS Attestation Engagements

               * [101]Materiality in GAGAS Attestation Engagements
               * [102]Ongoing Investigations or Legal Proceedings

          * [103]AICPA Reporting Standards for Attestation Engagements
          * [104]Additional Government Auditing Standards

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

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

               * [111]Reporting Views of Responsible Officials
               * [112]Reporting Confidential or Sensitive Information
               * [113]Distributing Reports

     * [114]Field Work Standards for Performance Audits

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

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

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

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

          * [135]Supervision
          * [136]Obtaining Sufficient, Appropriate Evidence

               * [137]Appropriateness
               * [138]Sufficiency
               * [139]Overall Assessment of Evidence
               * [140]Developing Elements of a Finding

          * [141]Audit Documentation

     * [142]Reporting Standards for Performance Audits

          * [143]Introduction
          * [144]Reporting
          * [145]Report Contents

               * [146]Objectives, Scope, and Methodology
               * [147]Reporting Findings

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

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

          * [156]Distributing Reports

     * [157]Supplemental Guidance

          * [158]Introduction
          * [159]Overall Supplemental Guidance

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

          * [164]Information to Accompany Chapter 1

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

          * [168]Information to Accompany Chapter 3

               * [169]Nonaudit Services
               * [170]System of Quality Control

          * [171]Information to Accompany Chapter 7

               * [172]Types of Evidence
               * [173]Appropriateness of Evidence in Relation to the Audit
                 Objectives

          * [174]Information to Accompany Chapter 8

               * [175]Report Quality Elements

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

          * [177]Advisory Council Members
          * [178]GAO Project Team

     * [179]Index

          * [180](194652)

References

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