Because of the increased accountability associated with government audits, auditors performing financial audits in accordance with GAGAS should consider the following guidance related to audit risk and materiality (see paragraphs 4.26 and 4.27), internal control over safeguarding of assets (see paragraphs 4.28 through 4.33), internal control over compliance (see paragraphs 4.34 through 4.36), and professional judgment concerning possible fraud and illegal acts (see paragraphs 4.37 and 4.39).
Auditors performing financial audits in accordance with GAGAS, because of the increased accountability associated with government audits, should consider the following guidance related to audit risk and materiality, internal control over compliance & safeguarding of assets, as well as professional judgment concerning possible fraud and illegal acts.