GAO issues revised Yellow Book standards for government auditors
Revised standards issued Tuesday by the U.S. Government Accountability Office (GAO) are designed to provide a framework for high-quality governmental audits, which include audits of government entities and entities receiving government awards.
In a transmittal letter to the standards, U.S. Comptroller Gene Dodaro states that the new generally accepted government auditing standards (GAGAS) reinforce the principles of transparency and accountability for auditors as they provide objective analysis and information in service to the public.
Also known as the “Yellow Book,” the revision supersedes the 2011 revision of the standards. The changes include:
The revision takes effect for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted.
Effective with the implementation dates for the 2018 revision of the Yellow Book, the GAO is retiring Government Auditing Standards: Guidance on GAGAS Requirements for Continuing Professional Education and Government Auditing Standards: Guidance for Understanding the New Peer Review Ratings.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.
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