What are the financial reporting characteristics according to GASB?
Similar to qualitative characteristics reported under U.S. GAAP, government entities will report characteristics that are qualitative in nature under the Government Accounting Standards Board (GASB) principles.
These characteristics include:
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What are the five ethical principles according to GAGAS?
The five principles below are outlined by GAGAS to ensure that the auditor is serving the public interest while conducting their work with integrity and objectivity. The five ethical principles are: 1) Serving the public interest – The auditor should conduct their work with the public’s best interest in mind. Remember, you are a key […]
What is GAGAS?
GAGAS is an acronym for “Generally Accepted Government Auditing Standards. GAGAS provides the audit standards that should be followed for governmental audits. GAGAS is regulated by the Government Accountability Office (GAO). GAGAS is also commonly referred to as the “Yellow Book”.
Under GAGAS, what are the threats to independence that the auditor should be aware of?
Generally Accepted Government Accounting Standards (GAGAS) will sustain the same independence requirements as the AICPA Code of Professional Conduct which in turn, indicates that similar threats to independence will exist. Per the GAGAS framework, the auditor should meet the following requirements as they pertain to independence: a) Identify threats Independence b) Evaluate the significance of […]