Similar to the 2011 yellow book, cpe requirements are. The effective date for this revision, as well as transition guidance to help officials and auditors implement the revised standards, will be included when the yellow book is issued in final form. This list does not explain the changes it only points them out. Pdf government auditing standards 2007 revision the gao yellow book ebook. I just finished comparing the 2011 yellow book to the 2018 yellow book. This is the government auditing standards 2011 version. Gao publishes 2018 revision to the yellow book tax. Last revised in 2011, the yellow book is designed to help government auditors at the federal, state, and local levels produce highquality audits. The scope of this memorandum is limited to the applicable sections of the yellow book as they relate. Yellow book revisions update independence guidance journal of.
Since 1972, gao has produced and maintained government auditing standards, also known as the yellow book. The professional standards presented in this 2011 revision of government auditing standards provides a framework for performing highquality audit work with competence, integrity, objectivity, and independence to provide accountability and to. The 2018 revision of the government auditing standards commonly known as. The yellow book compliance report is designed as a 2year cpe period. Also known as the yellow book, the revision supersedes the 2011 version of the standards. What kind of training and experience make a competent auditor. Aicpa suggests changes to gaos yellow book exposure draft. The yellow book is the book of standards and guidance for auditors and audit organizations, outlining the characteristics of good audit reports, professional qualifications. Last revised in 2011, the yellow book is designed to help government auditors at the federal, state, and local levels produce highquality audits that reflect competence, integrity, objectivity, and independence. Yellow book revision process exposure draft was issued for public comment on april 5, 2017. Government auditing standards 2018 revision for online. In december 2011, the gao issued the government auditing standards 2011 revision, which superseded the 2007 revision. When issued in final form, this revision will supersede the december 2011 revision of the standards.
Gao yellow book government auditing standards 2011 version united states government, comptroller general on. This document outlines standards that contain requirements for auditor reporting on internal control. Aicpa yellow book gagas independence rules comparison 2. Gao yellow book government auditing standards 2018.
Yellow book incorporated by reference the statements on auditing standards sas and the attestation standards ssae. Also known as the yellow book, the revision supersedes the 2011 revision of the standards. Audit organizations may also give auditors who have not completed the 20 hours of cpe in a 1year period up to 2 months immediately following the 1year period to make up the deficiency. Here is a list of the changes that caught my eye in the order they appear in the revised edition. Gao considered all comments and input in finalizing revisions to the standards. The 2018 yellow book retains the same cpe hour requirement as the 2011 yellow book. Guidance on gagas requirements for continuing professional education. Government auditing standards yellow book practice aids. Presentation of all chapters in a revised format that differentiates requirements from application guidance. Last revised in 2011, the yellow book is designed to help government auditors at the federal, state and local levels produce highquality audits.
Gao updates yellow book, the preeminent standards for government auditing. Gao yellow book government auditing standards 2011 version. Supplemental guidance in appendices from the 2011 yb is either removed or. Today we issued a new revision of the generally accepted government auditing standards, also known as the yellow book, which supersedes the 2011 revision of the standards.
The 2011 revision of government auditing standards supersedes the 2007 revision. The government accountability office gao has recently issued a sweeping revision of the government auditing standards gagas, also known as the yellow book, which had remained unchanged since 2011. This revision contains major changes from, and supersedes, the 2011 revision. Kociolek, director, gao financial management and assurance on july 17, 2018, the u. Yesterday, we attended a meeting with gao officials and its 18member gagas advisory council as they discussed proposed amendments to an exposure draft of. Auditing standards supersedes the 2011 revision gao 12331g, december 2011, the 2005 government auditing standards. The 2011 revision is effective for financial audits and attestation engagements for periods ending on or after december 15, 2012, and for performance audits beginning on or after. Update on the developments in government auditing standards. The government accountability office gao published a revised version of the generally accepted government auditing standards gagas, also known as the yellow book, which includes substantive changes to the independence rules when a firm performs bookkeeping or financial statement preparation services for a client. Well, if you audit governments andor notforprofits, another summer blockbuster to watch for is the 2018 yellow book revision. The more difficult option, of course, is to compare the 2011 and 2018 versions. Getting a handle on 2018 revisions to the yellow book teammate. The views of all parties were thoroughly considered in finalizing the standards. It is estimated that the new yellow book will arrive at a website near you i.
Gao united states government accountability office by the comptroller general of the united states government auditing standards 2011 revision the 2011 revision of government auditing standards supersedes the 2007 revision. Government accountability office gao contains the auditing standards promulgated by the comptroller general of the united states. Gao issues revised yellow book standardsfinally becker. Last revised in 2011, the yellow book is designed to.
Generally accepted government auditing standards yellow. Ill be writing articles about the more significant changes soon. For all those auditors and auditees out there who have waited seven years for the next revision of the government auditing standards gagas, also known as the yellow book, the wait may be over in the next couple of months. If you are a movie fan, you are likely looking forward to this summers releases of solo, a star wars story, incredibles 2, or perhaps jurassic world. Last revised in 2011, the yellow book is designed to help government auditors at the. While the 2011 rules required firms to consider these possibilities, the 2018 yellow book clarifies that preparing the financial statements in their. The 2018 revision supersedes the 2011 gas revision as well as 2005 government auditing standards. United states government accountability office gao by the comptroller general of the united states december 2011 government auditing standards 2011 revision the 2011 revision of government auditing standards supersedes the 2007 revision. These changes, summarized below, reinforce the principles of transparency and accountability and strengthen the framework for highquality government audits. The 2018 yellow book can be accessed on the gao yellow book web page.
New gao yellow book clarifies independence requirements. Buy gao yellow book government auditing standards 2011 version. Government accountability office gao has issued the 2018 revision of generally accepted government auditing standards gagas, also known as the yellow book. This publication supersedes gao 07731g, government auditing standards. The american institute of cpas aicpa issued a comment letter to the government accountability office gao on july 6 on proposed revisions to government auditing standards also referred to as the yellow book. Yellow book revisions undergo an extensive, deliberative process, including public comments and input from the comptroller generals advisory council on government auditing standards. Coming this summer, a revised yellow book accounting and. Gao updates the yellow book, the preeminent standards. The 2011 revision of government auditing standards represents a modernized version of the standards, taking into account recent changes in other auditing standards, including international standards. Gao plans to issue revised yellow book this summer.
Government accountability office gao are designed to provide a framework for highquality governmental audits, which include audits of government entities and entities receiving government awards. If no safeguards are available to eliminate an unacceptable threat or reduce it to an. View the 2011 yellow book view the 2018 yellow book. The 2011 revision of government auditing standards will be effective for financial audits and attestation engagements for periods ending on or after december 15, 2012, and for performance audits beginning on or after december 15, 2011. Contains the auditing standards promulgated by the comptroller general of the united states. Government accountability office gao issued a new revision of generally accepted government auditing standards, also known as the yellow book. Government accountability office more commonly referred to as the yellow book. Gao yellow book government auditing standards 2011. This is a lowcost print edition of the official united states government accountability office gao auding standards yellow book.
Government accountability office gao today issued a new revision of generally accepted government auditing standards, also known as the yellow book. Gao issues revised yellow book standards for government. Gao has added application guidance that emphasizes the need to obtain gagasspecific cpe, particularly during years in which there are revisions to the standards, to assist auditors in maintaining the competence necessary to conduct gagas engagements. The 2011 revision should be used by government auditors until further updates and revisions are made. An electronic version of this document can be accessed on gaos yellow book web page at. Gao received 95 comment letters with over 1,700 individual comments on the exposure draft. The 2007 yellow book became applicable for financial audits and attestation engagements for periods beginning on or after january 1, 2008, and for performance audits beginning on or after january 1, 2008. The 2011 revision of government auditing standards is effective for financial audits and attestation engagements for. The exposure draft ed, government auditing standards 2017 exposure draft, suggests changes to the current yellow book issued in 2011 for developments in the auditing.
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