How the yellow books new independence standards impact. Participants should enhance their understanding of internal control and the gao green book, gao fraud risk guidelines, assessment techniques and responsibilities, consolidation of omb federal grant circulars and new federal grant guidance with particularly focus on the changes in the single audit requirements, and updates and comments on the gao yellow book. Updating government auditing standards the 2018 yellow book. Government accountability office gao today issued a new revision of generally accepted government auditing standards, also known as the yellow book. The yellow book provides standards and guidance for auditors and audit organizations, outlining the requirements for audit reports, professional qualifications for auditors, and audit organization quality control. In july 2007, the gao issued an omnibus revision to the yellow book. Also known as the yellow book, the revision supersedes the 2011 version of the standards. The term audit as it is used in chapters 1 through 3 and corresponding. In december 2011, the gao issued the government auditing standards 2011. Yellow book government auditing standards slideshare. Exposure draft was issued for public comment on april 5, 2017.
Government accountability office gao has issued the 2018 revision of generally accepted government auditing standards gagas, also known as the yellow book. Summary of key changes additionally, the 2018 version presents a new organization scheme for the chapters. Generally accepted government auditing standards yellow book. Generally accepted government auditing standards yellow. Identify the current updates to the fams three volumes.
Effective with the implementation dates for the 2018 revision of the yellow book, the gao is retiring government auditing standards. The 2011 revision of government auditing standards 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 december 15, 2011. This publication supersedes gao 07731g, government auditing standards. Revised gao and aicpa independence rules audit conduct. Gaos 2011 yellow book, and ombs latest federal financial statement audit guidance. This document outlines standards that contain requirements for auditor reporting on internal control. Auditors of federal, state, and local government programs use. To get back to the fiscal service home page, click or tap the logo in the upper left corner. Government auditing standards go by several names, including yellow book, generally accepted government auditing standards gagas and government auditing standards gas. I just finished comparing the 2011 yellow book to the 2018 yellow book. 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 issues revised yellow book standardsfinally becker. Later that year, the professional ethics executive committee peec of the american institute of certified public. Gao updates yellow book, the preeminent standards for government auditing. Jul 17, 2018 updating government auditing standards the 2018 yellow book posted on july 17, 2018 by watchblog 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.
Effective for financial audit periods ending on or after december 15, 2012 effective for attestation periods ending on or after december 15, 2012 effective for performance audits starting on or after december 15, 2011. Standards for use and application of gagas chapter 3. Nov 01, 2016 big deals gao yellow book government auditing standards 2011 version best seller books. Last revised in 2011, the yellow book is designed to. May 20, 2014 since 1972, gao has produced and maintained government auditing standards, also known as the yellow book. Many auditors of federal, state, and local government programs use these. Chapter 3 general standards page 30 gao12331g government auditing. Going gagas for the gao yellow book government book talk. The yellow book compliance report is designed as a 2year cpe period. Standards for financial audits applies only to financial audits.
Big deals gao yellow book government auditing standards 2011 version best seller books. 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. Update on the developments in government auditing standards. The 2018 yellow book can be accessed on the gao yellow book web page. Gao yellow book government auditing standards 2011. Gao12331g, government accounting standards, page 66, 3. For example, the types of gagas engagements, now covered in chapter one of the current.
This is a paperback book version of the government auditing standards 2018 revision supersedes gao12331g. Gao officials have proposed to reorganize and realign the chapters in the yellow book and have attempted to clarify what is considered an. Gao and omb update including green book, fraud risks. Applicability chapters 1, 2, and 3 apply to all gagas engagements chapter 1.
Aug 06, 2018 i just finished comparing the 2011 yellow book to the 2018 yellow book. This list does not explain the changes it only points them out. Gao yellow book government auditing standards 2011 version united states government, comptroller general on. 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. In june 2003, the gao released an omnibus revision to the yellow book.
This is the government auditing standards 2011 version. The yellow book is used by auditors of government entities, entities that receive government awards, and other. Here is a list of the changes that caught my eye in the order they appear in the revised edition. Auditing standards supersedes the 2011 revision gao 12331g, december 2011, the 2005 government auditing standards.
While auditors are held to the standard of maintaining independence by not auditing their own work in addition to other requirements, there are many interpretations of what exactly that entails. What you need to know aashto internalexternal audit conference july 17, 2012 tempe, arizona tom hackney gao 3. Government accountability office gao issued government auditing standards, 2018 revision gao18568g. The yellow book is the book of standards and guidance for auditors and audit organizations, outlining the characteristics of good audit reports, professional qualifications for auditors, and audit quality guidelines. Fy 2019 and fy 2018 consolidated financial statements of the u. December 2011 auditing standards 2011 revision the 2011 revision of government auditing standards supersedes the 2007 revision. Buy gao yellow book government auditing standards 2011 version. Issued exposure draft of 2011 revision of gagas november 22nd 2010. Gao government auditing standards update the new yellow book c h r i s t i n e h a r d e n, m b a, c p a, c g m a f e b r u a r y 5, 2 0 1 9 2 0 1 9 g f o a a 3 5 th a n n u a l c o n f e r e n c e. Yellow book gagas gagasgenerally accepted government auditing standards broad statements of auditors responsibilities an overall framework for ensuring that auditors have the. However, in the government auditing world, yellow book is the moniker given to the government auditing standards manual, with its distinctive bright yellow cover that is issued by the comptroller general of the united states in the government accountability office gao. Government accountability office gao issued a revised version of the government auditing standards also known as the yellow book, which updated the independence rules.
The term auditor as it is used throughout gagas describes individuals performing work in accordance with gagas including audits and attestation engagements regardless of. This was just revised for 2011 to replace the 2007 version. The fam has been revised to reflect significant changes in auditing financial statements in the u. Comments due on exposure draft of 2011 revision march april 2011. Updating government auditing standards the 2018 yellow book posted on july 17, 2018 by watchblog 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. Gao issues revised yellow book standards for government auditors. The 2018 yellow book retains the same cpe hour requirement as the 2011 yellow book. This is the 2011 revision of government auditing standards, commonly referred to. It contains the following major changes from the 2007 revision that reinforce the principles of transparency and accountability and provide the. From my understanding, the institute of internal auditors doesnt work very closely with the gao and it shows in the resulting yellow book standards. New gao yellow book clarifies independence requirements for. Updated revision government auditing standards 2018 revision supersedes gao12331ggao18568g.
An electronic version of this document can be accessed on gaos yellow book web. Government auditing standards 2011 internet version 3 1. Ppt yellow book update powerpoint presentation free to. The 2011 revision of government auditing standards supersedes the 2007 revision.
Ill be writing articles about the more significant changes soon. 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. The 2011 revision of government auditing standards represents a modernized version of the standards, taking into account recent changes in. Effective for financial audit periods ending on or after december 15, 2012. Please select a location below to find local business information in your area. Recognize the process by which the fam was updated. Supplemental guidance in appendices from the 2011 yb is. Big deals gao yellow book government auditing standards.
Guidance on gagas requirements for continuing professional education and 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. The gao has been working for the last decade trying to clarify and strengthen the auditor independence standards to mixed success. Since 1972, gao has produced and maintained government auditing standards, also known as the yellow book. Yellow book revision process exposure draft was issued for public comment on april 5, 2017. Gao issues revised yellow book standards for government. The revisions to the fam are primarily based on changes in 1. Dhs could better address challenges to ensuring eeo in its workforce. Purchase printed copies of the 2011 yellow book and 2018 yellow book online through the. Gao received 95 comment letters with over 1,700 individual comments on the exposure draft. The revised standards also known as the yellow book, or gas were restructured by the gao to separate the standards requirements from the application guidance see the sidebar restructured yellow book.