Video: Introduction to Governmental Engagements

This lesson provides an overview of the Government Accountability Office (GAO) and its role as the supreme audit institution of the federal government, as well as introducing Generally Accepted Government Auditing Standards (GAGAS). The lesson outlines the differences between GAGAS and Generally Accepted Auditing Standards (GAAS), emphasizing that GAGAS includes additional requirements and a higher level of documentation. Key differences between governmental audits and normal audits are discussed, such as the focus on providing assurance that public funds are being spent appropriately and in accordance with laws and regulations. The lesson also highlights the requirement for peer review in GAGAS, which mandates that audits of government entities be reviewed by an independent peer review team at least once every three years.