GAAS Standards vs. GAGAS Standards

Paper Summary:

This paper discusses the different methods of accounting that are being adopted to be used in both the public as well as private sectors. It particularly focuses on generally accepted auditing standards -- GAAS and the generally accepted government auditing standards -- GAGAS. The paper discusses each method and compares their use in private and public sectors.

From the Paper:

"Since the yellow book as well as the SAS No. 63 includes the function as well as reporting levels of the GAAS, the defining terms of reportable circumstances as well as material defects carry towards internal governmental regulation structural reports. The bearable limit in case of a situation of reporting is less compared to material form of weakness, even though a material form of weakness is a kind of situation of reporting. Nevertheless the dichotomy among a material form of weakness and other situations of reporting sometimes would be intricate to find out. Few illustrations of the internal regulation report areas as regards accounting in relation to revenue and receivables are (i) Criteria: The computer area of services operations symbolize a substantial part of the entity's net income. Correct data of revenue are important to make dependable statements of finance. (ii) Situation: Income from the new forms of computer services operations is taken by the accounting system of the computer services. The accounting system estimates the funds owed by the clients for usage of computer and assignments completed on task and contract orders, accounts receivable that are unbilled and income received. (Broadus, 8)"

Sample of Sources Used:

• Accounting an Auditing Standards. <http://www.adb.org/Documents/Books/Diagnostic_Study_Accounting_Auditing/RMI/chap_04.pdf>
• Broadus, William A. GAAS vs GAGAS: how to report on internal controls. Journal of Accountancy, February 1990, vol. 17, no. 1, pp: 6-10.
• Generally Accepted Auditing Standards. <http://www.investopedia.com/terms/g/gaas.asp>
• Riahi-Belkaoui, Ahmed. Morality in Accounting. Quorum Books. 1992.
• RPF Guide. The Georgia Deptt of Audit & Accounts. 2003. <https://www.audits.state.ga.us/internet/nalgad/rfpguide.html>

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