February 8, 2018, letter commenting on the Monitoring Group's November 2017 Consultation Paper, "Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest"
Published: Feb 8, 2018. Publicly Released: Feb 12, 2018.
- Full Report:
This letter provides GAO's response to the consultation paper, Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest. GAO promulgates generally accepted government auditing standards (GAGAS) in the United States. GAGAS provides a framework for conducting high-quality audits of government awards with competence, integrity, objectivity, and independence. GAGAS, with respect to financial statement audits, incorporates U.S. generally accepted auditing standards issued by the American Institute of Certified Public Accountants, which are converged with International Auditing and Assurance Standards Board (IAASB) standards. Also, the International Organization of Supreme Audit Institutions, of which GAO is a member, issues financial audit standards for government entities that are based on the IAASB auditing standards. We are concerned that the consultation paper's proposals may negatively affect the significant efforts that have been made to promote harmonization of IAASB standards globally and the substantial progress that has been made over the past 10 years.