Thursday, August 24, 2006

AGA Generally Endorses Proposes Changes in GAGAS

The Financial Management Standards Board arm of the Association of Governmental Accountants (AGA) has issued comment on proposed changes to Generally Accepted Governmental Accounting Standards. Although there are places where the FMSB feels that clarification is needed, the FMSB generally is positive toward the changes. Particularly positive comments were made in regard to the "Citing Compliance," and the proposed adaption of ASB 103 regarding weaknesses and deficiencies in internal controls. Nonaudit services, peer review and performance audit/risk assessment material, though still generally commended, received more guarded praise.


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