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D06244 1 (2011-12-23)

handle is hein.gao/gaobadpus0001 and id is 1 raw text is: Revised December 23, 2011 2011 Government Auditing Standards Listing of Technical Changes Unless otherwise noted, numbers in parentheses refer to paragraphs in the 2011 Government Auditing Standards (GAGAS). Effective Dates The 2011 GAGAS is effective for financial audits and attestation engagements for periods ending on or after December 15, 2012. It is effective for performance audits beginning on or after December 15, 2011. Early implementation is not permitted. Change Related to Guidance for Government Auditing Standards The guidance provided in Government Auditing Standards: Answers to Independence Standard Questions (GAO-02-870G) will be superseded by the revised GAGAS General Standards contained in chapter 3 when they become effective. Overall Changes Chapters 1 and 2 have been realigned. Along with the introduction, chapter 1 now includes the foundation and ethical principles of government auditing. The discussion of the use and application of GAGAS is now in chapter 2. All financial audit standards are now in chapter 4. The chapters on financial audit field work and reporting, formerly chapters 4 and 5, have been combined into one chapter. Consistency of the use of footnotes has been improved. Footnotes are now used strictly to refer to other sections of GAGAS and to other auditing standards. Other information that was in footnotes in previous GAGAS revisions has been either moved into the main text of GAGAS or deleted. Changes Related to Government Auditing: Foundation and Ethical Principles Three definitions were incorporated into the text: (1.07) * Auditor describes individuals performing work under GAGAS (including audits and attestation engagements) regardless ofjob title. * Audit organization refers to government audit organizations as well as public accounting or other firms that perform audits and attestation engagements using GAGAS. * Audit as it is used in chapters 1 through 3 and corresponding sections of the Appendix refers to financial audits, attestation engagements, and performance audits conducted in accordance with GAGAS.

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