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Grant Thornton comments on GAGAS proposals

Grant Thornton LLP appreciates the opportunity to comment on the 2017 Exposure Draft of Government Auditing Standards (GAGAS) issued for public comment by the United States Government Accountability Office (GAO). Overall, we are supportive of the proposed changes to GAGAS and agree that the revised format and updated requirements are useful and will help auditors of entities subject to GAGAS carry out high-quality work that reflects competence, integrity, objectivity, and independence. Accordingly, we support the issuance of the proposed revisions to GAGAS, however we note certain aspects of the proposal that we believe could be clarified or may result in unintended consequences. Accordingly, we respectfully submit our comments and recommendations thereon. We have provided comments on the individual chapters that encompass our responses to the GAO’s specific questions. We have also included comments regarding certain of the major changes summarized in the Exposure Draft.