This letter provides GAO's response to the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board's (ASB)
- Proposed Statement on Quality Management Standards – Quality Management: A Firm's System of Quality Management (SQMS No. 1);
- Proposed Statement on Quality Management Standards – Engagement Quality Reviews (SQMS No. 2); and
- Proposed Statement on Auditing Standards, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (QM SAS).
GAO provides standards for performing high-quality audits of government organizations, programs, activities, and functions and of government assistance to contractors, nonprofit organizations, and other nongovernment organizations with competence, integrity, objectivity, and independence. These standards, often referred to as generally accepted government auditing standards (GAGAS), are to be followed when required by law, regulation, agreement, contract, or policy. For financial audits, GAGAS incorporates by reference the AICPA's Statements on Auditing Standards (SAS). For attestation engagements, GAGAS incorporates by reference the AICPA's Statements on Standards for Attestation Engagements.