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Get ready to expand your knowledge of the auditing issues significant to entities subject to Government Auditing Standards and Circular A-133. Whether you're preparing your organization's financial statements or preparing for an auditing engagement, the AICPA Audit Guide Government Auditing Standards and Circular A-133 Audits provides you with the latest information on auditing issues and related financial statement considerations.
Updated with conforming changes as of October 1, 2009, the guide includes relevant guidance contained in official pronouncements issued through that date, supplemented with specific "how-to" recommendations. Information regarding SAS No. 115, Communicating Internal Control Related Matters Identified in an Audit is included.
You'll also want to check out the new chapter, "Audit Sampling Considerations of Circular A-133 Compliance Audits," which has been newly added in this edition. Also included in this edition are two practice aids "Illustrative Audit Program for the SEFA" and "Illustrative Disclosure Checklist for the SEFA" to assist in auditing the Schedule of Expenditures of Federal Awards. In addition, the guide briefly covers issues related to the American Reinvestment and Recovery Act. With all these must-have features, this guide is an essential reference for firms, small practitioners, and professionals who perform compliance audits and audits in accordance with Government Auditing Standards.
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
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Purpose and Applicability
This Audit Guide (guide) provides guidance (chapters 1–4) on the auditor's responsibilities when conducting an audit of financial statements in accordance with Government Auditing Standards (also referred to as the Yellow Book), issued by the Comptroller General of the United States of the U.S. Government Accountability Office (GAO). This guide has been prepared using the Government Audit Standards, July 2007 Revision.
It also provides guidance (chapters 1 and 5–14) on the auditor's responsibilities when conducting a single audit or program-specific audit in accordance with the Single Audit Act Amendments of 1996 and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. This guide was originally issued as Statement of Position (SOP) 98-3, Audits of States, Local Governments, and Not-for-Profit Organizations Receiving Federal Awards, in March 1998, and updated annually for conforming changes for relevant guidance contained in authoritative auditing standards and other requirements. The AICPA converted SOP 98-3 into an Audit Guide in 2003. That conversion did not supersede the guidance that appeared in SOP 98-3 but only changed its format. In 2009, the AICPA added to the content of the guide with the addition of chapter 11, "Audit Sampling Considerations of Circular A-133 Compliance Audits."
Concerning an audit of financial statements in accordance with Government Auditing Standards, this guide
| • | describes the applicability of Government Auditing Standards. |
| • | discusses the relationship between generally accepted auditing standards and Government Auditing Standards. |
| • | discusses the general standards and additional fieldwork and reporting standards of Government Auditing Standards. |
| • | describes the auditor's responsibility for considering internal control over financial reporting, compliance with applicable laws, regulations, and provisions of contracts and grants agreements, fraud, and abuse. |
| • | describes the auditor's responsibility for reporting and other communications and provides examples of the required auditor's reports. |
Concerning an audit of federal awards in accordance with Circular A-133,1 this guide
| • | describes the applicability of and provides an overview of the requirements of the Single Audit Act Amendments of 1996 and Circular A-133. |
| • | discusses the relationship between Government Auditing Standards and Circular A-133. |
| • | describes the auditor's additional responsibilities for considering internal control over compliance with applicable laws, regulations, and program compliance requirements; performing tests of compliance with those requirements; and performing procedures on the schedule of expenditures of federal awards (SEFA). |
| • | discusses considerations in designing an audit approach that includes audit sampling to achieve both compliance and internal control over compliance related audit objectives in a Circular A-133 compliance audit. |
| • | describes the auditor's responsibilities in a program-specific audit. |
| • | describes the auditor's responsibility for reporting and provides examples of the required auditor's reports. |
Further, this guide incorporates guidance from the following documents:
| • | AU section 801A,* Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance (AICPA, Professional Standards, vol. 1) |
| • | Government Auditing Standards, July 2007 Revision |
| • | The Single Audit Act Amendments of 1996 and Circular A-133 (as revised by the Federal Register Notice on June 26, 2007) and the OMB Circular A-133 Compliance Supplement |
1 In this guide, the use of the terms single audit or audit in accordance with Circular A-133 includes both the financial statement audit and the compliance audit that is performed under Circular A-133. The use of the term Circular A-133 compliance audit includes only the compliance audit that is performed under Circular A-133.
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