What is the comment or opinion on the quote? Please contribute to the discussion by raising thoughtful questions, analyze relevant issues, build on ideas from the quote, synthesize across readings and discussions, expanding the class' perspective, and appropriately challenging assumptions and perspectives.

Auditing Standards

Why do we need auditing standards?: "From my point of view, one of the primary reasons that we need auditing standards is to ensure that there can be a general level of confidence in the practice/profession of auditing. Based on the established standards, individuals can begin to better assess for themselves the usefulness and/or validity of findings that are derived from audit reports. According to the text, "the Comptroller General of the United States, a legislative auditor, has taken the lead in establishing governmental audit standards." In this case, the Comptroller General compiles these standards within a publication entitled "Standards for Audit of Governmental Organizations, Programs, Activities & Functions (and called the "Yellow Book" because of its cover)". Since state and local governments often end up receiving significant federal resources, I can understand how this somewhat uniform set of standards has been adopted because there will need a level of accountability to the federal government for how they spend their resources. Overall, it seems to me that having a uniform set of standards for the practice of auditing will help instill a greater level of confidence in the profession."