Illustrative Auditor's Reports

The following describe the updated illustrative reports released by the GAQC and incorporated into AICPA audit guides.  Auditors should exercise professional judgment in any situation not specifically addressed in the illustrative reports provided below.
 

AICPA Audit Guide, Government Auditing Standards and Single Audits

The AICPA Audit Guide, Government Auditing Standards and Single Audits (GAS-SA Guide), issued annually, presents guidance on the audits of financial statements conducted in accordance with the 2018 edition of Government Auditing Standards (also referred to as the Yellow Book). It also includes recommendations for the conduct of single audits. You can purchase a copy of the most recent edition of the GAS-SA Guide (with conforming changes as of April 1, 2020) online or call AICPA Members Services at 888.777.7077 (product number is AAGGAS20). 

The GAS-SA Guide includes examples of the various reports that are issued to comply with Government Auditing Standards and the Uniform Guidance.  The following report examples are excerpts from the current edition of the Guide.

Government Auditing Standards Report Illustrations (Including a Financial Statement Report Illustration for a Government and a Not-for-Profit Entity)

These illustrative reports are excerpts from Appendix A of chapter 4 of the GAS-SA Guide.  They have been reviewed by members of the AICPA Auditing Standards Board, the Government Accountability Office, and various federal agency representatives. Purchase the 2020 edition of the GAS-SA Guide to access the full set of examples.

The illustrations include a financial statement audit report for a state or local government and a not-for-profit organization where the audit is being performed under both the AICPA generally accepted auditing standards and Government Auditing Standards.  Additionally, the illustrations include various examples of the reports issued to meet the reporting requirements of Government Auditing Standards for internal control over financial reporting and compliance and other matters.

  • Note: The 2018 Yellow Book became effective for June 30, 2020, year-end financial audits and resulted in slight revisions to the chapter 4 illustrations.  As a member service, access a red-lined version of Example 4-3 to more easily identify what has changed.  These same changes were made to illustrative reports 4-4 through 4-9.
  • Note: The illustrations posted above and the additional illustrations in the 2020 GAS-SA Guide have not been updated to reflect new reporting standards established by AICPA Statements on Auditing Standards (SAS) Nos. SAS Nos. 134 through 140.  That is because SAS No 141 delayed the effective date of these reporting standards to audits of financial statements for periods ending on or after December 31, 2021. While early implementation of SAS Nos. 134–140 is now permitted, it is recommended that SAS Nos. 134–140 be implemented at the same time.  The GAQC is currently developing updated reports that will reflect the requirements of the new reporting standards.  Our goal is to post examples here, before the end of the calendar year, for auditors that plan to early adopt the new reporting standards.

Uniform Guidance Report Illustrations

These illustrative reports are excerpts from Appendix A of chapter 13 of the GAS-SA Guide.  They have been reviewed by members of the AICPA Auditing Standards Board, the Government Accountability Office, and various federal agency representatives. Purchase the 2020 edition of the GAS-SA Guide to access the full set of examples.

The illustrations include a sampling of  various example reports contained in the GAS-SA Guide to meet the reporting requirements of the Uniform Guidance for compliance for  each major program and internal control over compliance.

  • Note: The illustrations posted above and the additional illustrations in the 2020 GAS-SA Guide have not been updated to reflect new reporting standards established by AICPA Statements on Auditing Standards (SAS) Nos. SAS Nos. 134 through 140.  That is because SAS No 141 delayed the effective date of these reporting standards to audits of financial statements for periods ending on or after December 31, 2021. While early implementation of SAS Nos. 134–140 is now permitted, it is recommended that SAS Nos. 134–140 be implemented at the same time.  The GAQC is currently developing updated reports that will reflect the requirements of the new reporting standards.  Our goal is to post examples here, before the end of the calendar year, for auditors that plan to early adopt the new reporting standards.

AICPA Audit and Accounting Guide, State and Local Governments

The AICPA Audit and Accounting Guide, State and Local Governments (SLG Guide), issued annually, is designed to provide guidance to state and local governments and their auditors.  It describes the accounting for these entities and provides detailed guidance on how to perform a state and local government financial statement audit.  It is a tool for use with audits of governments of all sizes.  You can purchase a copy of the most recent edition of the Guide (with confirming changes as of April 1, 2020) online or call AICPA Member Services at 888.777.7077 (product number is AAGSLG20).

The SLG Guide includes examples of the various reports for state and local governments that are issued to comply with generally accepted auditing standards. The following report examples are excerpts from the current edition of the Guide.

State and Local Government Financial Statement Report Illustrations

These illustrative reports are excerpts from the latest edition of chapter 16 of the SLG Guide.  They have been reviewed by members of the AICPA Auditing Standards Board.  The illustrations include a sampling of various example reports contained in the SLG Guide of financial statement audit reports for a state and local government when the audit is being performed only under AICPA generally accepted auditing standards.  (Illustrative auditor's reports on governmental financial statements conducted in accordance with Government Auditing Standards are discussed in the GAS-SA Guide (see section above.) Purchase the SLG Guide to access the full set of examples.

  • Note:   The illustrations posted above and the additional illustrations in the 2020 SLG Guide have not been updated to reflect new reporting standards established by AICPA Statements on Auditing Standards (SAS) Nos. SAS Nos. 134 through 140.  That is because SAS No 141 delayed the effective date of these reporting standards to audits of financial statements for periods ending on or after December 31, 2021. While early implementation of SAS Nos. 134–140 is now permitted, it is recommended that SAS Nos. 134–140 be implemented at the same time.  The GAQC is currently developing updated reports that will reflect the requirements of the new reporting standards.  Our goal is to post examples here, before the end of the calendar year, for auditors that plan to early adopt the new reporting standards.

HUD Report Illustrations

The following report illustrations are excerpts from the Consolidated Audit Guide for Audits of  HUD Programs (HUD Guide) and are only applicable to our members that perform audits of for-profit entities that are subject to the HUD Guide.

For more information and resources on audits of entities participating in various HUD programs, go to our HUD information page.

We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Our history of serving the public interest stretches back to 1887. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting.

About AICPA

Support

Association of International Certified Professional Accountants. All rights reserved.