What are the major types of audits and audit engagements described in the Government Accountability Office's Government Auditing Standards or generally accepted government auditing standards (GAGAS), and how do they differ?

Question

What will be an ideal response?

Answer 1

Government Auditing Standards, also referred to as generally accepted government auditing standards (GAGAS), define three major types of services performed by auditors: financial statement audits, attestation engagements, and performance audits. Financial audits provide an auditor's opinion that financial statements present fairly an entity's financial position, changes in financial position, and, where applicable, cash flows in conformity with generally accepted accounting principles, and informs users that they can rely on that information. Attestation engagements are examinations or reviews on subject matter that provide various levels of assurance on financial or nonfinancial matters depending upon the user's needs. Performance audits provide an auditor's independent assessment (but not an opinion) of the extent to which government officials are efficiently, economically, and effectively carrying out their responsibilities.