Subject: Seeking Sample Audited Financial Statements Under GAGAS
Good morning, everyone! I could be mistaken, but I believe either the AICPA or GAO has released a sample set of audited financial statements that demonstrate the expected format for financials audited under GAGAS.
Does anyone know where I can locate these sample financials? I want to ensure my financial statements are comprehensive and meet the necessary standards. Thanks!
One response
Good morning! You’re not wrong; the AICPA and GAO do provide guidance related to audits under GAGAS (Generally Accepted Government Auditing Standards). While there isn’t a definitive “sample set” of financial statements that you can find like a template, there are several resources that can help.
GAO’s Yellow Book: The GAO publishes the Yellow Book, which includes standards for audits of government entities. You can find guidance on reporting and examples of financial statement reporting.
AICPA Resources: The AICPA has several resources and practice aids related to GAGAS audits. Their website features various tools that can help, including a Guide to Preparing Financial Statements for various types of entities.
Government Accountability Office Website: You can also check the GAO’s official website. They frequently publish reports and documents that may include examples or illustrations of what is expected in financial statements under GAGAS.
State CPA Associations: Sometimes, state CPA associations provide examples or templates tailored to local regulations and standards.
While it’s good to refer to these examples, make sure your financial statements are tailored to your specific organization and comply with applicable standards. If you have a specific area you’re unsure about, reaching out to your auditor or a financial professional may also help clarify any questions. Good luck!