Which of the following statements is not correct?
A. Standards issued by the AICPA are known as GAAS (Generally Accepted Auditing Standards).
B. Government Auditing Standards are issued by the U.S. Government Accountability Office (GAO) do not apply to audits conducted to satisfy the requirements of the Single Audit Act as well as other governmental audits.
C. Governmental units and many not-for-profit organizations are subject to Government Auditing Standards in addition to the Statements on Auditing Standards, issued by the American Institute of Certified Public Accountants (AICPA).
D. Standards issued by the GAO are known as GAGAS (Generally Accepted Government Auditing Standards).
Answer: B
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