GAO-03-673G Government Auditing Standards > Chapter 5 Reporting Standards for Financial Audits > Introduction
5.01 This chapter prescribes reporting standards and provides guidance for financial audits performed in accordance with generally accepted government auditing standards (GAGAS). Financial audits consist of all work performed under the American Institute of Certified Public Accountants’ (AICPA) generally accepted auditing standards and related Statements on Auditing Standards (SAS). GAGAS incorporate the AICPA reporting standards and SASs unless the Comptroller General of the United States excludes them by formal announcement. 1 This chapter identifies the AICPA reporting standards and prescribes additional standards for financial audits performed in accordance with GAGAS.
5.02 Financial audits performed in a government environment primarily include audits of financial statements. The AICPA SASs also govern and provide guidance for other types of financial audits that may be performed in a government environment, such as compliance auditing, issuing special reports, audits of service organizations, reviews of interim financial information, and issuing letters to underwriters and certain other requesting parties. These other services may be performed in conjunction with an audit of financial statements.
1To date, the Comptroller General has not excluded any reporting standards or SASs.