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Not-for-profit and government accounting

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1. Audit objectives set forth by the United States Comptroller General in Government Auditing Standards (GAS) differ from the AICPA view (GAAS) as discussed in Chapter 12. Explain briefly how GAS audits might meet the information needs of taxpayers better than GAAS audits. Make clear what the two sets of objectives cover.

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The solution explains briefly how GAS audits might meet the information needs of taxpayers better than GAAS audits.

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GAS would meet the needs of investors better because it is based on a much wider scope of information than GAAS. GAAS strongly conforms to GAAP, and GAAP in itself is 99.9% principle based. For many types of organizations, a great deal of the information ...

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