Which group is responsible for setting generally accepted government auditing standards (GAGAS)?

The group responsible for setting generally accepted government auditing standards (GAGAS) is the Government Accountability Office (GAO). GAGAS, also known as the "Yellow Book," provides the framework for conducting audits of government programs and entities and is essential for ensuring accountability and transparency in public sector auditing.

The GAO develops these standards to ensure that audits are conducted in a consistent and high-quality manner, which is critical for governance and the effective use of public resources. By establishing these standards, the GAO promotes the public's trust in government processes and the financial statements of public agencies.

In contrast, other entities like the GASB (Governmental Accounting Standards Board) focus on establishing accounting standards for state and local entities, while the SEC (Securities and Exchange Commission) is primarily concerned with enforcing federal securities laws and regulating the securities industry. The ASB (Auditing Standards Board) is involved in setting auditing standards for non-governmental organizations, which doesn't fall under the purview of GAGAS. Thus, the GAO plays a unique and vital role in the realm of government auditing.