Financial Facts

June 5, 2017

The U.S. Governmental Accountability Office has proposed revisions to multiple requirements in the Government Auditing Standards.  The proposed changes to the standards commonly known as the Yellow Book are designed to reflect major developments in the auditing, accounting, and financial management professions and emphasize specific considerations that apply to the government environment.

Key proposed changes include:

  • A new format that would differentiate requirements from applications guidance
  • Updated internal control requirements and guidance
  • Revised continuing professional education requirements
  • Revised peer reviews requirements
  • New requirements for reporting waste that is detected during an audit

VACo Contact: Vicky Steinruck, CPA

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