Page 176 - DCOM509_ADVANCED_AUDITING

Sukhpreet Kaur, Lovely Professional University
Unit 10: Government and Independent Financial Audit: Comparison

Unit 10: Government and Independent Financial Audit: Notes
Comparison

CONTENTS
Objectives

Introduction
10.1 Government Auditing: An Introduction
10.1.1 Objectives of Government Audit
10.1.2 Audit Jurisdiction

10.2 Audit of Government Companies
10.3 Government Auditing Standards
10.3.1 Use and Application of GAGAS
10.3.2 Ethical Principles in Government Auditing

10.4 Government Financial Audit
10.4.1 Field Work Standards for Government Financial Audits
10.4.2 Reporting Standards for Government Financial Audits
10.5 Independent Financial Audit

10.5.1 Objectives and Principles of the Independent Financial Audit
10.5.2 Organization, Documentation and Conclusions of the Independent Financial
Audit

10.6 Summary
10.7 Keywords
10.8 Review Questions
10.9 Further Readings

Objectives

After studying this unit, you will be able to:
 Define government auditing and its importance.
 Understand the audit of government companies.

 Differentiate between government financial audit and independent financial audit.
Introduction

Each year, the government awards billions of dollars in grants, loans, loan guarantees, property,
cooperative agreements, interest subsidies, insurance, food commodities, and direct
appropriations and federal cost reimbursements which are subject to audit requirements. The
Indian Audit and Accounts Department, functioning under the Comptroller and Auditor General,
derives its authority and the powers for performance of its duties on his or her behalf under the

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