GOVERNMENT AUDITING STANDARDS Definition

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GOVERNMENT AUDITING STANDARDS is a book issued by the comptroller general of the United States, sometimes called the "yellow book." Government Auditing Standards contains standards for audits of government organizations, programs, activities, and functions and of government assistance received by organizations. The audit is designed to provide reasonable assurance of detecting material misstatements resulting from noncompliance with provisions of contracts or grant agreements that have a direct and material effect on determination of financial statement amounts, are followed when required by law, regulation, agreement, contract, or policy.

Learn new Accounting Terms

C/S RATIO see CONTRIBUTION/SALES RATIO.

COMPARE / COMPARISON is an audit procedure where an auditor observes similarities and differences between items such as an account from one year to the next.

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