Yellow Book Audits – Sample Financial Statements
Good morning, everyone! I may be mistaken, but I recall that either the AICPA or GAO released a sample set of audited financial statements that illustrate what financials should look like when audited under GAGAS.
Does anyone know where I can access a sample set of these financials? I want to ensure I have everything I need covered in my statements. Thank you!
One response
Good morning! You’re correct that both the AICPA and GAO have resources related to GAGAS (Generally Accepted Government Auditing Standards). While there may not be a single definitive “sample set” of audited financial statements, there are several resources you can explore that could provide guidance.
GAO Financial Audit Reports: The GAO often publishes Audit reports that include financial statements, which can serve as examples of what compliant statements look like. You can find these reports on the GAO website.
AICPA Guides: The AICPA has issued guidance and may have sample financial statements as part of their publications on governmental Accounting and auditing. Check their website or look for specific auditing guides related to GAGAS.
The Yellow Book: The GAO’s “Government Auditing Standards” (often referred to as the Yellow Book) includes guidelines and best practices for conducting audits; it may reference some examples or further resources.
State Auditor Websites: Many state auditors provide sample financial statements or outlines on their websites for entities required to follow GAGAS.
Professional Conferences and Workshops: Attending conferences or workshops related to governmental Accounting and auditing may provide opportunities to see examples and ask questions from practitioners in the field.
If you’re still having trouble locating specific examples, consider reaching out to a local CPA or Audit professional who specializes in governmental audits, as they may have sample financials they can share or guide you further. Good luck with your audit preparation!