Well, if you audit governments andor notforprofits, another summer blockbuster to watch for is the 2018 yellow book revision. 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. Gao publishes 2018 revision to the yellow book tax. Gao plans to issue revised yellow book this summer. 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. Gao yellow book government auditing standards 2011 version united states government, comptroller general on. Gao updates the yellow book, the preeminent standards. The yellow book compliance report is designed as a 2year cpe period. Last revised in 2011, the yellow book is designed to help government auditors at the federal, state, and local levels produce highquality audits. The 2018 yellow book can be accessed on the gao yellow book web page. 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. Government accountability office gao today issued a new revision of generally accepted government auditing standards, also known as the yellow book.
The yellow book is used by auditors as a framework for conducting audits of public funds, including government entities, nonfederal entities that. Aicpa yellow book gagas independence rules comparison 2. 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. Aicpa suggests changes to gaos yellow book exposure draft. This official version of the government auditing standards.
The 2011 revision of government auditing standards is effective for financial audits and attestation engagements for. The 2018 revision of the government auditing standards commonly known as. Government accountability office gao contains the auditing standards promulgated by the comptroller general of the united states. Guidance on gagas requirements for continuing professional education. 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. If no safeguards are available to eliminate an unacceptable threat or reduce it to an. 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.
Last revised in 2011, the yellow book is designed to help government auditors at the federal, state and local levels produce highquality audits. Gao yellow book government auditing standards 2011 version. This revision contains major changes from, and supersedes, the 2011 revision. 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. Also known as the yellow book, the revision supersedes the 2011 version of the standards.
An electronic version of this document can be accessed on gaos yellow book web page at. Supplemental guidance in appendices from the 2011 yb is either removed or. Ill be writing articles about the more significant changes soon. Gao received 95 comment letters with over 1,700 individual comments on the exposure draft. Yellow book revisions update independence guidance journal of. While the 2011 rules required firms to consider these possibilities, the 2018 yellow book clarifies that preparing the financial statements in their. Gao updates yellow book, the preeminent standards for government auditing. This is a lowcost print edition of the official united states government accountability office gao auding standards yellow book. The 2011 revision of government auditing standards supersedes the 2007 revision.
Gao considered all comments and input in finalizing revisions to the standards. This list does not explain the changes it only points them out. 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. The 2018 revision supersedes the 2011 gas revision as well as 2005 government auditing standards. Yellow book revision process exposure draft was issued for public comment on april 5, 2017. Yellow book revisions undergo an extensive, deliberative process, including public comments and input from the comptroller generals advisory council on government auditing standards. Gao yellow book government auditing standards 2018. These changes, summarized below, reinforce the principles of transparency and accountability and strengthen the framework for highquality government audits. Here is a list of the changes that caught my eye in the order they appear in the revised edition. Gao yellow book government auditing standards 2011. 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. 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.
Yesterday, we attended a meeting with gao officials and its 18member gagas advisory council as they discussed proposed amendments to an exposure draft of. This document outlines standards that contain requirements for auditor reporting on internal control. Buy gao yellow book government auditing standards 2011 version. It is estimated that the new yellow book will arrive at a website near you i. The views of all parties were thoroughly considered in finalizing the standards. This is the government auditing standards 2011 version. View the 2011 yellow book view the 2018 yellow book. What kind of training and experience make a competent auditor. 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 2018 yellow book retains the same cpe hour requirement as the 2011 yellow book. Last revised in 2011, the yellow book is designed to help government auditors at the. 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. This publication supersedes gao 07731g, government auditing standards. Government accountability office more commonly referred to as the yellow book.
The 2011 revision should be used by government auditors until further updates and revisions are made. 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. Government accountability office gao has issued the 2018 revision of generally accepted government auditing standards gagas, also known as the yellow book. Coming this summer, a revised yellow book accounting and. Contains the auditing standards promulgated by the comptroller general of the united states. 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. Pdf government auditing standards 2007 revision the gao yellow book ebook. The scope of this memorandum is limited to the applicable sections of the yellow book as they relate. Gao issues revised yellow book standards for government. Presentation of all chapters in a revised format that differentiates requirements from application guidance. 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 help improve government operations and.
The yellow book is the book of standards and guidance for auditors and audit organizations, outlining the characteristics of good audit reports, professional qualifications. Gao issues revised yellow book standardsfinally becker. Similar to the 2011 yellow book, cpe requirements are. The more difficult option, of course, is to compare the 2011 and 2018 versions. When issued in final form, this revision will supersede the december 2011 revision of the 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. 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 auditing standards yellow book practice aids. 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. Yellow book incorporated by reference the statements on auditing standards sas and the attestation standards ssae. Government auditing standards 2018 revision for online. Update on the developments in government auditing standards. Government accountability office gao issued a new revision of generally accepted government auditing standards, also known as the 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. Since 1972, gao has produced and maintained government auditing standards, also known as the yellow book. Generally accepted government auditing standards yellow. 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. Auditing standards supersedes the 2011 revision gao 12331g, december 2011, the 2005 government auditing standards. In december 2011, the gao issued the government auditing standards 2011 revision, which superseded the 2007 revision. New gao yellow book clarifies independence requirements. Getting a handle on 2018 revisions to the yellow book teammate. Kociolek, director, gao financial management and assurance on july 17, 2018, the u.
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