Who issues the Generally Accepted Government Auditing Standards (GAGAS)?

The Generally Accepted Government Auditing Standards (GAGAS) are issued by the Government Accountability Office (GAO). GAGAS, also known as the "Yellow Book," provides a framework for conducting audits of government entities and programs, aimed at ensuring accountability and transparency in how public funds are used.

The GAO, as an independent agency of Congress, is tasked with providing oversight of federal spending and conducting audits to assess the efficiency, effectiveness, and integrity of government operations. By establishing standards for audit performance, the GAO helps ensure that audits of government institutions are conducted consistently and impartially, fostering trust and confidence in financial reporting.

Other organizations listed, such as the U.S. Department of the Treasury, the Financial Accounting Standards Board (FASB), and the Internal Revenue Service (IRS), have different roles in the federal financial landscape. The Treasury manages federal finances, FASB is concerned with accounting standards for the private sector, and the IRS administers tax laws, rather than setting auditing standards. This distinction reinforces the GAO's unique position in developing GAGAS for government auditing.