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July 29, 2021, letter commenting on AICPA's February 2021 Exposure Draft, "Proposed Statements on Quality Management Standards – Quality Management"

Published: Jul 29, 2021. Publicly Released: Jul 30, 2021.
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Highlights

This letter provides GAO's response to the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board's (ASB)

  • Proposed Statement on Quality Management Standards – Quality Management: A Firm's System of Quality Management (SQMS No. 1);
  • Proposed Statement on Quality Management Standards – Engagement Quality Reviews (SQMS No. 2); and
  • Proposed Statement on Auditing Standards, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (QM SAS).

GAO provides standards for performing high-quality audits of government organizations, programs, activities, and functions and of government assistance to contractors, nonprofit organizations, and other nongovernment organizations with competence, integrity, objectivity, and independence. These standards, often referred to as generally accepted government auditing standards (GAGAS), are to be followed when required by law, regulation, agreement, contract, or policy. For financial audits, GAGAS incorporates by reference the AICPA's Statements on Auditing Standards (SAS). For attestation engagements, GAGAS incorporates by reference the AICPA's Statements on Standards for Attestation Engagements.

Full Report

GAO Contacts

James R. Dalkin
Director
Financial Management and Assurance

Media Inquiries

Sarah Kaczmarek
Managing Director
Office of Public Affairs

Public Inquiries

Topics

AuditsFinancial statement auditsGovernment auditing standardsQuality controlQuality standardsQuality assuranceNonprofit organizationsCertified public accountantsRemediationFinancial statements