Which organization publishes GAGAS?

Which organization publishes GAGAS?

• A. FASAB
• B. GAO
• C. FASB
• D. GASB

Answer: (B)

GAGAS stands for Generally Accepted Government Auditing Standards, and they are published by the Government Accountability Office. The GAO, as the U.S. government’s auditing and accountability agency, produces the Yellow Book, which contains GAGAS and guidance on independence, objectivity, professional judgment, quality control, and performance auditing. This is distinct from accounting standards: FASAB sets federal financial accounting standards, GASB covers state and local governmental accounting, and FASB handles private-sector GAAP. So the organization responsible for GAGAS is GAO.

GAGAS stands for Generally Accepted Government Auditing Standards, and they are published by the Government Accountability Office. The GAO, as the U.S. government’s auditing and accountability agency, produces the Yellow Book, which contains GAGAS and guidance on independence, objectivity, professional judgment, quality control, and performance auditing. This is distinct from accounting standards: FASAB sets federal financial accounting standards, GASB covers state and local governmental accounting, and FASB handles private-sector GAAP. So the organization responsible for GAGAS is GAO.