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AUD - Auditing & Attestation (Forum Locked Forum Locked)
 CPAnet Forum : AUD - Auditing & Attestation
Subject Topic: GAS vs. GAGAS (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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bryris
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Joined: 07 Dec 2008
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Posted: 31 Jan 2010 at 21:47 | IP Logged  

I don't get it. What is the difference between these?

Also - when is compliance actually opined on as opposed to only a procedures/findings analysis?


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WORKnSTUDY
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Joined: 05 Apr 2009
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Posted: 01 Feb 2010 at 09:28 | IP Logged  

I believe GAS and GAGAS are the same, aka Yellow Book.

I work for a larger city and am looking at our recent audit report.  The financial section talks about GAAS and GAS.  There is a stand alone compliance section and it gives negative assurance on compliance.  It also says providing an opinion on the compliance was not an objective of the audit and accordingly do not express one.  The report was restriced as well.

I think the compliance is closer to a review than an audit.  We have a lot of grants, so I believe this report would be typical of compliance questions on the exam.  Hope that helps... 

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