Government Auditing Standards and Circular A-133 Audits -- AICPA Audit Guide

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit issues common to entities subject to Government Auditing Standards and OMB Circular A-133.

Updated as of May 1, 2010, the guide includes relevant guidance contained in applicable standards and other technical sources issued through that date. Whether performing an audit of financial statements under Government Auditing Standards or a compliance audit as required under OMB Circular A-133, the Government Auditing Standards and Circular A-133 Audits audit guide provides the latest information on auditing and reporting in a single audit. The guide offers clear and practical guidance in areas such as risk assessment and audit sampling in a compliance audit. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s).

Updates significant to this edition include guidance related to:

•  SAS No. 117, Compliance Audits, which is effective for compliance audits for fiscal periods ending on or after June 15, 2010

•  OMB Circular A-133 reports, as updated for both SAS No. 115 and SAS No. 117

•  Compliance audit considerations for auditors performing engagements that include Recovery Act awards.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.