The U.S. Government Accountability Office (GAO) is inviting comments from managers and auditors at all levels of government, among others, on proposed changes to its Government Auditing Standards – commonly called the Yellow Book.
The exposure draft takes into account developments in the auditing, accountability and financial management professions since the last update in 2011.
- A new format that would differentiate requirements from application guidance.
- Updated internal control requirements and guidance.
- Revised continuing professional educational requirements with the intention of improving auditors’ proficiency with Generally Accepted Government Auditing Standards.
- Revised peer review requirements that also comply with peer review requirements of affiliated organizations.
- New requirements for reporting waste that is detected during an audit.
The GAO is inviting public comment on the exposure draft through July 6 at YellowBookComments@gao.gov.