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Applicability and Overview of Key Components 

Government Auditing Standards (also referred to as the Yellow Book), are issued by the Comptroller General of the United States of the U.S. Government AccountabilityOffice (GAO) and apply to audits of governmental entities, programs, activities, and functions, and of governmental assistance administered by contractors, not-for-profit organizations (NPOs), and other nongovernmental entities, when required by statute or other mandates or when auditors hold themselves out as following those standards. The standards contain requirements and guidance for financial audits, attestation engagements, and performance audits.   Government Auditing Standards are periodically revised and updated by the GAO. The most recent revisions were made in 2007 .

Entities for which an auditor may need to apply Government Auditing Standards when auditing financial statements include federal, state, and local governments, NPOs, health care organizations, and certain for-profit organizations such as those with mortgage banking, real estate, or student lending and servicing activities. One of the most common ways Government Auditing Standards become applicable is when an entity receives federal funds and is subject to an OMB Circular A –133 audit . Other laws, regulations, agreements, contracts, or other authoritative sources could also require the use of Government Auditing Standards. For example, state and local laws and regulations may require auditors of state and local governments to follow Government Auditing Standards. Federal audit guidelines pertaining to program requirements, such as those issued for Housing and Urban Development programs and Student Financial Aid programs, also may require the use of Government Auditing Standards (see the Other Compliance Audit and Attestation section for more information on these audits).

Government Auditing Standards incorporates the fieldwork and reporting standards of generally accepted auditing standards (GAAS) and the related Statements on Auditing Standards (SASs) issued by the AICPA unless the Comptroller General of the United States excludes them by formal announcement. In conducting audits of financial statements in accordance with Government Auditing Standards,the auditor assumes certain responsibilities beyond those of audits performed in accordance with GAAS. Government Auditing Standards includes general standards, as well as fieldwork and reporting standards that are in addition to those required by GAAS. Those standards are in such areas as independence, competence, quality control systems, audit documentation requirements, audit follow-up, obtaining and reporting the views of responsible officials about findings and planned corrective actions, and report distribution.

Government Auditing Standards also requires additional reporting on internal control over financial reporting, compliance with laws, regulations, and provisions of contracts or grant agreements, fraud, and abuse, which affect audit procedures. Specifically, in addition to an auditor’s report that expresses an opinion or disclaimer of opinion on the financial statements as required by GAAS, Government Auditing Standards requires a written report on internal control over financial reporting and on compliance and other matters.

Copyright © 2004 by the American Institute of Certified Public Accountants, Inc., New York, New York.

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State

Overview :  The AICPA State Regulation and Legislation Team advocates for the accounting profession at the state level by partnering with the state CPA societies. The team monitiors trends on key state legislative and regulatory issues at the national level and serves as an information clearinghouse and resource provider, offering information related
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Continuing Professional Education

Link :  Each CPA must complete Continuing Professional Education credits each year. Learn more about earning Continuing Education Credits (CPEs) and AICPA, state society, and state board CPE requirements.
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CPE Requirements

Article :  Continuing professional education (CPE) is required for CPAs to maintain their professional competence and provide quality professional services.
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The International Qualification Examination (IQEX)

Article :  The International Qualification Examination (IQEX) was developed to facilitate the U.S. CPA qualification process for accounting professionals from other countries whose professional bodies enter into mutual recognition agreements with the U.S. accounti
Published on February 10, 2012

International Applicants

Overview :  International candidates are eligible to qualify as U.S. Certified Public Accountants (CPAs) as long as they meet Board of Accountancy eligibility requirements in one of 54 U.S jurisdictions - the 50 states, District of Columbia , Puerto Rico , U.S. Virgin Islands, and Guam.
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Tax Legislation and Policy

Overview :  The AICPA has a long history of advocating for sound tax policy.  This section contains: AICPA-developed tools to evaluate tax provisions and proposals from a tax policy standpoint; AICPA tax reform studies to promote informed tax policy decisions; advocacy documents; and other tax policy related materials.
Published on February 10, 2012

International Tax

Overview :  This section covers international taxation issues and contains professional standards and ethics, legislation, regulation, and administration, tools and aids, and useful Web site links.
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Tax Power Hour

Overview :  The Tax Power Hour is a monthly webinar series for tax section members only that is hosted generally on the third Thursday of the month from 1:00 to 2:00 pm (eastern).  This page lists upcoming dates and subjects and also contains registration links, as well as links to archives of prior
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