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Auditing and Attestation/Blueprint/1.E

Government Auditing Standards and Single Audit

Area 1: Ethics, Professional Responsibilities, and General Principles (15-25%)

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Topics

  • Yellow Book requirements
  • Single Audit Act and Uniform Guidance
  • Compliance auditing

Lessons

  • Government Auditing Standards

Study Frameworks

Government Auditing Standards Hierarchy

Government Auditing Standards (GAGAS)
Issued by GAO (Yellow Book)
Applies to government entities and federal award recipients
Builds on GAAS with additional requirements
Financial Audits
Follow GAAS + GAGAS supplements
Additional reports on internal control and compliance
Single Audit for entities expending ≥$750,000 in federal awards
Performance Audits
Unique to GAGAS (no GAAS equivalent)
Evaluate effectiveness, economy, and efficiency
Findings: condition, criteria, cause, effect
Attestation Engagements
Follow SSAE + GAGAS supplements
Examinations, reviews, AUP on compliance

Is This Engagement Subject to GAGAS?

Is the entity a government organization or program?
Yes
Subject to GAGAS — apply Yellow Book requirements
No
Does the entity receive federal awards (grants, contracts, cooperative agreements)?
Yes
Does the entity expend $750,000 or more in federal awards during the fiscal year?
Yes
Single Audit required under GAGAS and Uniform Guidance
No
GAGAS may apply if required by the award terms, but Single Audit is not required
No
Do any laws, regulations, or contractual agreements require a GAGAS audit?
Yes
Subject to GAGAS — apply Yellow Book requirements per the specific mandate
No
GAGAS does not apply — standard GAAS engagement

GAAS vs. GAGAS Requirements

RequirementGAAS (AICPA)GAGAS (Yellow Book)
Standard setterAICPA Auditing Standards BoardU.S. Government Accountability Office (GAO)
Independence rulesAICPA Code + threats/safeguardsMore restrictive — prohibits certain nonaudit services permitted under AICPA
CPE requirementsVaries by state board80 hours/2 years, 24 in government topics
Internal control reportCommunicate deficiencies in writing (no separate report)Separate report on internal control required
Compliance reportConsider laws/regulations (no separate report)Separate report on compliance with laws and regulations required
Performance auditsNot applicableYes — evaluates effectiveness, economy, and efficiency
Single AuditNot applicableRequired for entities expending ≥$750,000 in federal awards
Practice These Topics(34 questions)