The New Yellow Book

Chapter 7Standards for Attestation Engagements and Reviews of Financial Statements

Learning objectives

• Identify the three types of attestation engagements found in generally accepted government auditing standards (GAGAS).
• Recognize the additional GAGAS requirements beyond those of the AICPA for attestation engagements.
• Recognize the additional GAGAS requirements beyond those of the AICPA for review of financial statement engagements.

Introduction

Chapter 7 of GAGAS addresses the requirements and guidance for performing and reporting on attestation engagements and review of financial statement engagements under GAGAS. GAGAS incorporates by reference AICPA’s Statements on Standards for Attestation Engagements (SSAE) and AR-C section 90, Review of Financial Statements (AICPA, Professional Standards).All sections of the cited standards are incorporated, including the introduction, objectives, definitions, requirements, and application and other explanatory material. However, the AICPA Code of Professional Conduct is not incorporated by reference though GAGAS recognizes that certain CPAs may use or may be required to use the code in conjunction with GAGAS. Auditors should also comply with the guidance and requirements contained in chapters 1-5 of GAGAS when conducting attestation and review of financial statement engagements in accordance with GAGAS.

An attestation engagement can provide one of three levels of services defined by the AICPA, including

• examination engagements; ...